July 13, 2020

Infosys share buyback as profits slide

Infosys share buyback as profits slideIndia's second-largest software exporter Infosys reported on Friday a 30 percent fall in quarterly profits amid seasonal weakness in the IT sector and mounting expenses. The Bangalore-headquartered company also announced board approval for the buyback of shares worth 82.60 billion rupees ($1.184 billion) and raised its revenue forecast for the current financial year. "We had another strong quarter in our digital business with 33.1 percent growth and large deals at $1.57 billion which gives us confidence entering 2019," chief executive Salil Parekh said in a statement.

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