Shares of Infosys surged as much as 1.32% after the company informed the leading exchange BSE that it has fixed the record date in respect of issuance of bonus shares as September 5, 2018. The stock will become ex-date for issue of bonus shares on September 4, 2018.
The company in the last week saw another high profile exit of CFO M. D. Ranganath, following which the scrip of Infosys was dragged lower by as much as 3.6%. The scrip on August 17, 2018 hit an all time high of Rs. 1,437 on the BSE.
The company in a filing to the exchange informed that the resignation of the company's CFO has been accepted and he will remain in office until November 16, 2018. Meanwhile, the company will begin the search for his replacement.
Motilal Oswal maintains a buy call on the stock with a target price of Rs. 1600 for a share.
Meanwhile, in today's early morning trade, both the Sensex and Nifty scaled to new record highs tracking global cues and buying in banking, FMCG and metal stocks. Sensex was last trading at 38,604 while Nifty also crossed 11,650 points.