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Infosys Hits New All-Time High
Extending gains for the second straight trading day, shares of Infosys Ltd rose close to 1 percent on Tuesday morning to Rs 773.65 a piece on BSE, its new all-time high. The stock later dipped by 0.74 percent to Rs 761.50 at 12.08 pm, possibly due to profit booking.
Previously, the stock had touched a high of Rs 771 on 8 February 2019. The IT giant is scheduled to release its Q4 (January to March 2019) results this week on Friday.
Infosys has been outperforming the benchmark index, gaining 9 percent in the last three weeks, starting 20 March, when it commenced its buyback offer. BSE's Sensex and IT index rose by 2 and 6 percent respectively during the same time.
On 11 January, the company had announced a buyback of 103.25 million shares worth up to Rs 8,260 crore at Rs 800 per share. On Monday, Infosys said it has extinguished 7.20 million equity shares bought back up to 26 March 2019.
In the past 12 months, shares of Infosys have advanced by 36 percent. According to Bloomberg data, Infosys traded at 21 times its estimated earnings per share for the coming year.
