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Infosys soars 3% as board to consider share buyback on August 19

The meeting of board of directors of the company will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19.

Shares of Infosys rose 3.6 percent in the early trade on Thursday as the company will consider buyback of shares. STOCK TIPS

The meeting of board of directors of the company will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19.

The company is closing the trading window with immediate effect and the trading window will re-open on August 22, 2017.

If the buyback is approved, any offers to purchase or solicitations of offers to sell will be made pursuant to a tender offer statement on schedule TO which will be filed with the US Securities and Exchange Commission by the company.

The company had reported 3.3 percent fall in its consolidated profit in the quarter ended June 2017 at Rs 3,483 crore and revenue declined 0.2 percent to Rs 17,078 crore.

Dollar revenue growth was 3.2 percent at USD 2,651 million against expectations of 2.6 percent increase and constant currency revenue growth came in at 2.7 percent against estimates of 2 percent.

At 09:16 hrs Infosys was quoting at Rs 1,005.05, up Rs 29.85, or 3.06 percent on the NSE.

The share touched its 52-week high Rs 1,082.70 and 52-week low Rs 901 on 14 October, 2016 and 09 November, 2016, respectively.
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