Infosys shares plunge 9% amid sharp cut in revenue guidance for FY24
The company lowered the revenue guidance for FY24 to 1-3.5% in CC terms despite a strong total contract value of $2.3 billion in Q1 FY24.
The company lowered the revenue guidance for FY24 to 1-3.5% in CC terms despite a strong total contract value of $2.3 billion in Q1 FY24.
Infosys has delivered a negative return of 13% to its shareholders in the last one year, underperforming the BSE Sensex by 8% during the period.
The board of Infosys on Thursday approved to buyback of 5.02 crore equity shares of the face value of ₹5 at ₹1,850 per share for about ₹9,300 crore.
Infosys board has approved a share buyback proposal worth ₹9,300 cr at ₹1,850 per equity share via an open market route.
The development comes ahead of the company’s July to September quarter results slated to be released on October 13.
Infosys has decided to cut the average variable payout of employees to 70%, citing margin pressure in the first quarter of the current fiscal (Q1 FY23)
Shares of India's second-largest software services provider Infosys plunged 7% on Monday.
Jefferies has maintained a buy call on Infosys with a target at ₹2,135 per share, while ICICI Direct has given a buy call with a target price of ₹2,300.