Infosys jumps 4.4% as stock adjusts for bonus issue, rupee hits record low
The board of directors approved Infosys' bonus issue on July 13 and shareholders' approval came in on August 22, 2018.
September 04, 2018 / 01:09 PM IST
8 | Infosys | Market Cap for the week ended October 30: Rs 4,51,753.23 crore crore | Loss during the week: 26,152.79 crore.
Infosys share price rallied 4.4 percent intraday to hit a record high of Rs 748.50 Tuesday on buying demand from investors after the stock adjusted for bonus issue.
The country's second largest IT services provider announced the issue of bonus shares in the ratio of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date.
The record date for the same is fixed as September 5, 2018.
The board of directors approved bonus issue on July 13 and shareholders' approval came in on August 22, 2018.
After the adjustment, the stock price halved from its previous closing value of Rs 1,434.25.
Earlier it adjusted for bonus issue in the ratio of one equity share for every share on June 15, 2015, December 2, 2014 and July 13, 2006. It also adjusted for bonus issue in the ratio of 3 shares for every share held on July 1, 2004.
At 12:57 hours IST, the share price was quoting at Rs 738.30, up Rs 21.17, or 2.95 percent on the NSE.
Meanwhile, the weakening rupee also boosted sentiment. In fact, it has been supporting not only to Infosys but also other technology stocks which are exporting their services to America.
The Indian rupee hit historic low of 71.37 against the US dollar today, depreciating more than 11.5 percent year-to-date.