Share price of IT major Infosys fell around three per cent on Tuesday, April 13, ahead of its fourth-quarter corporate earnings results due tomorrow – April 14, 2021. The shares of the country’s second-largest software services company witnessed a decline today after it recently announced that the board will consider a proposal to buyback shares at its upcoming board meet on Wednesday, April 14, 2021. On Tuesday, Infosys opened on the BSE at Rs 1,433, touching an intra day high of Rs 1,435.95 and an intra day low of Rs 1,375, in the session so far. (Also Read: Infosys Hits All-Time High; Board To Consider Share Buyback Proposal )
Infosys will announce its earnings for the fourth quarter of the financial year 2020-21 on Wednesday. According to analysts, the software major will report strong earnings in the January-March quarter due to the higher demand for software services, digital equipment amid work-from-home protocol due to the COVID-19 pandemic.
Additionally, if the proposal to buyback shares is approved by the board, it will become the second share buyback offer by Infosys in a span of two years. In March 2019. the company bought back more than 11.05 crore of its equity shares at an average price of ₹ 747 for ₹ 8,260 crore, as part of the buyback offer.
On Tuesday, Infosys opened on the NSE at Rs 1,433, touching an intra day high of Rs 1,535.25 and an intra day low of Rs 1,375, in the session so far. On the NSE, shares of Infosys were last trading 2.14 per cent lower at Rs 1,395.30. Meanwhile, on the BSE, Infosys was last trading 2.49 per cent lower at Rs 1,390.35.
In the October-December quarter of fiscal 2020-21, the Bengaluru-based firm reported a 16.6 per cent rise in profit, beating estimates. The compnay’s consolidated net profit climbed to ₹ 5,197 crore from ₹ 4,457 crore, from the year-ago period. The revenue from operations increased 12.3 per cent to ₹ 25,927 crore in the third quarter.