Infosys nears record high; stock up 5% in one week
Posted on 2nd April 2019 |
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Infosys shares were trading higher for the fifth straight day, up 1.3 per cent, at Rs 765 on Tuesday in intra-day trade, gaining 5 per cent in one week on the BSE. In comparison, the benchmark S&P BSE Sensex was up 2 per cent during the week.
The stock was trading close to its all-time high of Rs 771 touched on February 2, 2019 on the BSE. It has recovered 8 per cent from its recent low of Rs 710 on March 18, against 2.5 per cent rise in the benchmark index.
The six-month buyback offer of Infosys commenced on March 20, 2019. The company had, on January 11, 2019, announced buyback of shares worth up to Rs 8,260 crore at Rs 800 per share. The company said it would buy back 103.25 million equity shares, which accounts for 2.36 per cent of the paid-up capital of the company as of December 31, 2018 (on a standalone basis).
The IT major decided to go ahead with the buyback after considering the strategic and operational cash requirements of the company in the medium term and "for returning surplus funds to the members in an effective and efficient manner".
The firm said it will announce the results for its fourth quarter and year ended March 31, 2019, on Friday, April 12, 2019, around 3:45 p.m.
Analysts at JP Morgan expect Infosys to guide for 8-10 per cent CC growth & EBIT (earnings before interest and tax) margin of 21-23 per cent for FY20 (down around 100 bps Y/Y).
“Infosys appears to be settling down well with new management in place. The demand environment that we see improving in FY19 provides a comfortable context for the new management team to get down to work. In FY19, most verticals for Infosys, especially the key verticals (such BFSI, retail and manufacturing), seem to be in better shape. In fact, Infosys is confident of a better show in Banking & Financial Services in FY19 vs FY18 citing increased digital spending and further penetration into regional banks,” the brokerage firm said in March 26, 2019 report. The stock, however, is trading above 12-month target price of Rs 750 per share.
At 01:40 pm, Infosys was up 1 per cent at Rs 762 on the BSE, as compared to 0.41 per cent rise in the S&P BSE Sensex. A combined 5.51 million equity shares have changed hands on the counter on the BSE and NSE so far. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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