Infosys stock trade up after buyback

The IT major Infosys Limited has announced a buyback of Rs 8,260 crore on open market route, at a maximum price of Rs 800 per share, along with its third quarter results on Friday. The company has additionally declared a special dividend of Rs. 4/ share.

The company has reported constant currency revenue growth of 2.7 percent, quarter-on-quarter and US revenue of USD 2,987 mn, up 2.2 percent sequentially.

Meantime, foreign brokerage firm CLSA has maintained a BUY rating  on Infosys stock and increased its target price to Rs 910.

On Monday, shares of Infosys trade higher 2.49% at Rs. 700.55 per share during late morning hours of trade on the NSE.  The stock hit a high of Rs. 710.20 during the day. Meantime, Markets continue to trade lower with Nifty down 75 points at 10,719 and Sensex trade lower by 242 points at 35767.55 at around 11.30 am, Monday.