Tag: buyback

IT primary Infosys Ltd on Thursday reported an 11% jump in consolidated net profit at Rs 6,021 crore for the quarter ending September 30, 2022, up 11.1 percent from Rs 5,421 core reported in the same quarter of the previous year. It reported a 23.4 percent YoY jump in consolidated revenue for the September quarter to Rs 36,538 crore as against Rs 29,602 crore in Q2FY22. Numbers were in-line with projections. A poll of analysts had projected a 24 percent year-on-year (YoY) growth in revenue and 11 percent in net profit. Infosys has also announced a share buyback worth Rs 9,300 crore. Under the buyback program, the price will not exceed Rs 1,850 per equity share. The price is 30% higher than the company shares' closing price of Rs 1,422 apiece on Thursday. The IT major will also pay an interim dividend totaling Rs 6,940 crore to the shareholders at Rs 16.5 per equity share. Read more

IT major Infosys on Monday said it would consider a proposal for share buyback on Thursday when it is scheduled to report its quarterly earnings results. The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13, 2022,” Infosys said. The company is scheduled to announce its results for the second quarter of FY23 on the same day. If Infosys announces a share buyback program, this would be the fourth such corporate action in the history of the company. The first share buyback program of Rs 13,000 crore was announced by the Bengaluru headquartered company in 2017 through the tender offer route. It was followed by an Rs 8,260 crore issue in 2019 and Rs 9200 crore in 2021. The last two were executed through the open market route. The firm expects that the buyback will be valued between Rs 8,700 crore and Rs 9,500 crore. Read more

Shares of Route Mobile dipped 7 percent to Rs 1,236.65 on the BSE in Wednesday's trade, falling 10 percent in two trading days, after the board approved share buyback via Open Market. Route Mobile's board has approved the buyback by the company of its fully paid-up equity shares at a price not exceeding ₹1,700 per equity share (Maximum Buyback Price) and for an aggregate amount not exceeding ₹120 crores (maximum buyback size), from the shareholders of the company, excluding promoters, promoter group and persons who are in control of the company payable in cash via the 'Open Market' route through the stock exchanges mechanism," Route Mobile said in an exchange filing. The maximum number of shares bought back would be 705,882 which is 1.12% of the total number of paid-up shares of the company. The maximum buyback size represents 9.95 and 7.31 percent of the total paid-up equity share capital and free reserves of the company, respectively. Read more

Shares of India's leading two-and-three-wheeler company Bajaj Auto declined 7 percent to Rs 3,603.75 on the BSE in Tuesday's intra-day trade after the board deferred a decision on the share buyback proposal. The announcement came after the Board of Directors met earlier today,i.e. 14 June 2022 wherein it was decided that further deliberations are required in order to make a decision on the proposal of buyback, and accordingly deferred the matter, Baja Auto informed in a regulatory filing. Over the past four days, the stock of Bajaj Auto gained 5.5 percent after the company, on June 9, 2022, said that its board will consider a buyback proposal on June 14, 2022. If the board would have approved the proposal, this would have been the first share buyback to be made by the two-wheeler major in the last 22 years. Read more

Tata Sons have pocketed Rs 11,164 crore by tendering 24.81 million shares in the Rs 18,000-crore share repurchase program by the group's flagship firm Tata Consultancy Services (TCS). Meanwhile, Life Insurance Corporation (LIC) tendered 1.17 million shares to take home Rs 528 crore. Small shareholders-those holding shares worth up to Rs 2 lakh-tendered 25.3 million shares in the buyback, 4.22 times the 6 million shares reserved for them in the buyback. All other shareholders tendered 5.7 million, 8.1 times the 34 million shares the company intended to buy back. A total of 977,300 valid applications were made by small shareholders and another 151,377 applications came from all other categories of shareholders, as per a regulatory filing made by TCS. A total of 40 million shares were bought at RS 4,500 apiece in the buyback, which concluded last week. Shares of TCS on Monday closed at Rs 3,706. Read more

Shares of Infosys were down 6 per cent at Rs 1,320 on the BSE in intra-day trade on Thursday a day after the IT giant posted a 17 per cent year-on-year growth in net profit at Rs 5,076 crore for the March quarter of the financial year 2020-21 (Q4FY21) as against Rs 4,321 crore posted in the same period last fiscal. Also on account of profit booking and in the overnight trade, Infosys ADR plunged 6 per cent to $1731 per share. Consolidated revenue from operations grew by 1.5 per cent sequentially to Rs 26,311 crore, while consolidated revenue in constant currency grew by 2 per cent and the topline growth in dollar terms was at 2.8 per cent quarter-on-quarters. Infosys’ board has also approved a Rs 9,200 crore buyback of equity shares from the open market. The company will buy back shares at a maximum of Rs 1,750 apiece, a premium of 25% on the current market price of Rs 1,398 apiece and also recommended a final dividend of Rs 15 per equity share.

Shares of skills and talent development firm NIIT Ltd surged 19.98 per cent to Rs 165.45 on the BSE in intra-day trade on Thursday after the company announced that its buyback offer would open on April 12, 2021, and the closing date has been set for April 28, 2021. On December 24, 2020, NIIT Ltd's Board of Directors had approved a proposal for buyback of up to 9,875,000 equity shares for an aggregate amount not exceeding Rs 237 crore. The buyback price has been fixed at Rs 240 apiece. In accordance with the SEBI (Buy-Back of Securities) Regulations, 2018, the company will dispatch the letter of offer for the buyback to eligible shareholders, appearing on the record date of February 24, 2021, on or before April 5, 2021. NIIT offers training and development solutions to individuals, enterprises and institutions. NIIT has two main lines of business across the globe - corporate learning group and skills & careers business.

Shares of Aarti Drugs were up 6 per cent at Rs 708 on the BSE in intra-day trade on Tuesday after the pharmaceutical company said its board will consider share buyback on Friday, March 19. A meeting of the Board of Directors of the company is scheduled to be held on Friday, March 19, 2021, to consider the proposal of buyback of the fully paid-up equity shares of the company, Aarti Drugs said in a regulatory filing. The pharma stock has risen 432% in one year but lost 2.12% since the beginning of this year. The market cap of the firm rose to Rs 6,432 crore on BSE. The firm reported a 144.92% rise in Q3 net profit to Rs 68.04 crore against Rs 27.78 crore profit in the corresponding quarter of the previous fiscal. Read more

Wipro, the fourth largest Bangalore based IT services company in India, has reported a 3.2 per cent sequential growth in consolidated profit for the quarter ended September 2020, and also announced a share buyback of Rs 9,500 crore. Consolidated profit increased to Rs 2,465.7 crore for the quarter, compared to Rs 2,390.4 crore in the previous quarter. Wipro's gross revenue rose 1.4 per cent sequentially to ₹ 15,110 crores and revenue from IT services increased 3.7 per cent to $1,992.4 million. Wipro will buy back 23.75 crore shares or 4.16 per cent of the total paid-up capital. at ₹ 400 per equity share, the company said in a press release. The record date of the said buyback was not fixed. Wipro also announced that the company entered into a definitive agreement to acquire Eximius Design India private Limited, an engineering services company with expertise in semiconductor, software and systems design for a total consideration of about ₹100 crores. Read more

Tata Consultancy Services on Monday became the only second listed Indian firm after Reliance to reach the Rs 10 lakh crore market capitalization. Shares of Tata Consultancy Services rallied 7 per cent to Rs 2,706 on the BSE in the early morning trade on Monday after the company said it will consider a buyback on Wednesday, October 7, 2020. ICICI Securities believes that TCS has the potential to do a buyback of Rs 20,000 crore, which is around 2 per cent of its market capitalisation. Following the rally in its share price, the company’s market valuation jumped to Rs 10.16 lakh before the trade close.TCS is the second most-valuable domestic firm in terms of market capitalisation. Meanwhile, Reliance Industries Limited is the first Indian film to have crossed the Rs 10 lakh crore market valuation mark. Its market valuation is currently at Rs 15,02,355.71 crore – the highest for any listed company in the country. Read more