Infosys to consider share buyback on April 14

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Infosys, the information technology (IT) services major, will consider the proposal for the buyback of equity shares of the company on April 14, the firm announced in its BSE filing on April 11.

"The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on April 14, 2021, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018," the statement said.

The IT services giant is also slated to hold a board meeting on April 13 and 14 to approve and take on record the consolidated financial results of the company for the quarter and year ending March 31, 2021.

The board will also recommend a final dividend for the financial year ending March 31, 2021 during the meeting.

IT sector, as a whole, is expected to post robust earnings for the March quarter of the fiscal year 2020-21 (Q4FY21), as Cloud, digital transformation, automation, AI and cybersecurity continue to see healthy demand. According to analysts with Emkay Global, revenues of the Tier-I IT companies are likely to grow by 2.2-3.9 percent sequentially in constant currency (CC) terms.

"We expect Infosys and HCL Tech to provide double-digit revenue growth guidance of 12-15 percent and 11-13 percent year-on-year (YoY) in CC terms, respectively," the brokerage said in a result preview note issued on April 5.