Infosys Ltd.'s share price fell on Tuesday after the stock turned ex-dividend. The company will pay an interim dividend of Rs 21 per equity share, with the record date being Oct. 29 and the payout date being Nov. 8, according to an exchange filing.
The IT major is set to reward over 25 lakh shareholders with Rs 8,719 crore via interim dividend, the first in financial year 2024-25. Of this, retail investors are set to pocket Rs 607 crore.
Infosys second quarter revenue grew 4.3% sequentially to Rs 40,986 crore in the three months ended September. This compares with the Rs 40,820 crore estimate by analysts tracked by Bloomberg.
The Bengaluru-based company reported a net profit of Rs 6,506 crore, indicating a 2.2% rise for the second quarter of the current financial year 2024. The analyst polled by Bloomberg estimated the profit at Rs 6,831 crore.
Also Read: Ex-Trade Stocks To Watch Next Week: RIL, Dr Reddy’s, and Infosys—Key Corporate Actions And Dates
Infosys Share Price Movement
Infosys stock fell as much as 1.65% lower to Rs 1,834.6 apiece. It was trading 1% lower at Rs 1,846, compared to a 0.45% fall in the benchmark NSE Nifty by 9:36 am.
The share price has risen 24% in the last 12 months and 20% year-to-date. The relative strength index was 37.
Out of 48 analysts tracking the company, 32 maintain a 'buy' rating, 10 recommend a 'hold' and six suggest a 'sell' according to Bloomberg data. The average 12-month analysts' consensus price target of Rs 2,060.2 implies an upside of 11.5%.
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