Infosys shares jump 4% on Friday after company's 'share buyback' announcement

New Delhi: Shares of Infosys climbed 4 per cent on Friday after the company posted better-than-expected 11 per cent rise in consolidated net profit for the September quarter and announced buyback of shares. Shares of the company went higher by 3.82 per cent to settle at Rs 1,474.05 on the BSE. During the day, it jumped 5.22 per cent to Rs 1,494.

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On the NSE, it climbed 4.02 per cent to end at Rs 1,477. It was the biggest gainer among the Sensex and Nifty components. The company's market valuation jumped Rs 22,878.82 crore to Rs 6,20,254.82 crore.
In traded volume terms, 5.20 lakh shares of the company were traded on the BSE and over 1.49 crore shares on the NSE during the day.

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Other IT stocks like HCL Technologies and Tech Mahindra also ended higher. The 30-share BSE index jumped 684.64 points or 1.20 per cent to at 57,919.97 points. On Thursday, Infosys reported an 11 per cent rise in consolidated net profit at Rs 6,021 crore for the September quarter and announced buyback of shares worth Rs 9,300 crore.

The company also raised its FY23 revenue growth guidance to 15-16 per cent, pushing the forecast towards the higher end of previously-projected 14-16 per cent band, buoyed by "strong large deals pipeline" and good demand momentum despite global macroeconomic concerns. Infosys board has also declared an interim dividend of Rs 16.50 per share. The interim dividend payout will be about Rs 6,940 crore.
"An important takeaway from IT results announced so far is that the segment is doing well and the management commentary is optimistic," according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.