Infosys Shares Jump Over 4% To Hit 52-Week High

Shares of Infosys surged as much as hit a new 52-week high of Rs. 748.35 on stock exchange BSE trade. The stocks of IT major are trading ex-date for bonus issue in the ratio 1:1. At 1:29 pm, the shares of Infosys were up 3.22 per cent at Rs. 739.75. Infosys has announced a 1:1 bonus for its shareholders in its meeting held in July. The board of directors of Infosys have fixed Wednesday, September 5, 2018, as the record date for the purpose of allotment of bonus shares/stock dividend.

A 1:1 bonus means that the shareholder will get one share for each share held. According to a regulatory filing, the board of Infosys, in its meeting held in July, recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held.

The Infosys board approved and recommended the issue of bonus shares to celebrate the 25th year of company's public listing in India and to increase the liquidity of its shares. The bonus issue of equity shares and ADSs will be subject to shareholder and regulatory approvals, the filing said.

Meanwhile, Infosys reported a net profit of Rs. 3,612 crore for the quarter ended June 2018. For the financial year ended March 31, 2018, Infosys had reported an increase of 11.7 per cent in its consolidated net profit at Rs. 16,029 crore.

On the other hand, domestic stock markets swung between gains and losses after opening on a flat note on Tuesday. At 2:02 pm, the S&P BSE Sensex dropped 66.35 points or 0.17 per cent to trade at 38,246.17. The broader Nifty50 fell 42.20 points or 0.36 per cent to trade at 11,540.15.

Source - NDTV 

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