Infosys Stock Soars as Buyback Proposal Stirs Market
Infosys shares spiked 5% following the announcement that the board will consider a buyback proposal on September 11. This surge added nearly Rs 30,000 crore to its market valuation, making Infosys the top gainer on BSE and NSE. Details on the buyback are pending.
- Country:
- India
Shares of Infosys experienced a substantial 5% jump following news that the company's board will assess a buyback proposal for its equity shares on September 11. This decision catapulted Infosys to the top of the BSE and NSE gainers' list, adding nearly Rs 30,000 crore to its market valuation.
The stock reached Rs 1,504.75 on the BSE, while similarly climbing to Rs 1,504.30 on the NSE. These gains contributed to a broader market rally, with the BSE benchmark index rising 314.02 points to 81,101.32 and the NSE Nifty climbing 95.45 points to 24,868.60.
While specific details of the buyback proposal remain undisclosed, the market eagerly anticipates the meeting's outcome, which will be revealed after the board meeting concludes. This follows Infosys' previous Rs 9,300 crore buyback in 2022.
(With inputs from agencies.)
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