India’s Infosys jumps on upbeat outlook, buyback plans

BENGALURU (Reuters) – Shares of Indian IT major Infosys (NYSE:) Ltd rose as much as 4.6% to a one-month high on Friday, after it raised revenue outlook and announced a $1.13 billion share buyback.

The Bengaluru-based firm now expects 15%-16% revenue growth in the fiscal year ending March, compared with 14%-16% earlier.

It reported a better-than-expected 11% rise in second quarter profit on strong margin expansion and outsourcing order wins.

The shares marked their sharpest intraday percentage gain since May 30.

($1 = 82.2240 Indian rupees)

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