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Infosys stocks rallied as much as 3.78% to hit the day’s high of Rs 1,542.70 on the NSE on November 19. Renewed investor optimism is clearly visible a day after the IT major announced the timetable for its Rs 18,000 crore share buyback.
The company announced on Tuesday, November 18, that the buyback programme will be open for subscription on Thursday, November 20, and will close on November 26.
Infosys plans to buy back 10 crore fully paid-up equity shares of face value Rs 5 each, representing 2.41 percent of its total paid-up equity capital, at Rs 1,800 per share, which is at a premium to the prevailing market price.
Eligible shareholders will be able to tender their shares during the six-day window. The firm said that the move is in line with its capital allocation strategy of returning surplus cash to shareholders, while considering medium-term strategic and operational needs.
The positive sentiment spilled over to other frontline IT counters. TCS rose 1.8% to Rs 3,142.20 on the NSE following the announcement of a large deal with the UK’s National Health Service Supply Chain.
This multiyear engagement would involve cloud-enabled and AI-led solutions to modernize the core business systems of NHS Supply Chain. The IT major is expected to replace legacy systems with a new supply chain ERP platform for increased scalability, efficiency, and customer experience.
LTIMindtree rose 2.7% to Rs 5,907 after expanding its global collaboration with Microsoft. The company said the partnership will accelerate Azure adoption and drive AI-powered business transformation for enterprise clients. LTIMindtree will work with Microsoft to help customers scale cloud use and embed AI across business processes.
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The NIFTY IT index also represented the broad-based rally in the sector, as all 12 constituents were trading in the green. The index was up 881.05 points, or 2.45%, at 36,856.25 at the time of writing.
The strong deal activity across large-cap IT companies, along with the momentum triggered by Infosys’s buyback announcement, led to a sector-wide uplift.
