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<keyword id="221874" type="General" weightage="100" keywordseo="akshata" source="Orion">Akshata</keyword> <keyword id="1806167" type="General" weightage="80" keywordseo="murty" source="Orion">Murty</keyword>, Britain's incoming Prime Minister <keyword id="221875" type="General" weightage="50" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>'s wife whose tax status on income from outside the UK had triggered a controversy, earned Rs 126.61 crore (USD 15.3 million) in dividend income in 2022 from her shareholding in India's second-largest IT firm <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>. Murthy, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges. Her holding is worth Rs 5,956 crore (about USD 721 million) at Tuesday's trading price of Rs 1,527.40 on the BSE. Infosys paid Rs 16 per share final dividend for the 2021-22 fiscal on May 31, this year. For the current year, the firm this month announced an interim dividend of Rs 16.5, according to the company's stock exchange filings. The two dividends totalled Rs 32.5 per share or Rs 126.61 crore for Akshata. Infosys is among the best dividend-paying companies in India. In 2021, it paid a total of Rs 30 per share dividend, which would have given Akshata a total of Rs 119.5 crore in that calendar year. Sunak, 42, on Sunday won the race to lead the Conservative Party and is now set to become Britain's first prime minister of Indian origin and its youngest leader in modern times. While Sunak is a British national, his wife Akshata is an Indian citizen. Her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for a period of up to 15 years, has been a divisive issue in the UK. Non-domiciled status of Akshata became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April this year. At that time, her spokesperson had stated that as a citizen of India, she was unable to hold citizenship of another country and that "she has always and will continue to pay UK taxes on all her UK income." As the controversy snowballed, she at that time announced that she would pay UK tax on all of her worldwide earnings out of a "British sense of fairness".It is not known how much taxes she paid in the UK on the dividend income that accrued to her after April - Rs 16 per share final dividend for the 2021-22 fiscal year (April 2021 to March 2022) paid on May 31, 2022, and Rs 16.5 a share interim dividend for 2022-23 fiscal that is due to be paid on October 27. Born in her mother Sudha Murthy's hometown of Hubballi in northern Karnataka, Akshata did her schooling in Bengaluru, before moving to Claremont McKenna College in California, where she graduated with a dual major in economics and French. She did a fashion designing diploma from the Fashion Institute of Design and Merchandising in Los Angeles, which followed a short work stint at Deloitte and <keyword id="45009" type="General" weightage="50" keywordseo="unilever" source="Orion">Unilever</keyword>. She thereafter went on to pursue her MBA at Stanford where she met Rishi Sunak. The two married in 2009. The couple, who own a vast real estate portfolio, has two children, Krishna and Anoushka. They live in a 7 million townhouse in Kensington. They also own a flat in Kensington, a mansion in Rishi's Yorkshire constituency and a penthouse in California. The son of a pharmacist mother and doctor father, Sunak was educated at one of England's most renowned schools, Winchester, and then Oxford. He spent three years at Goldman Sachs Group Inc. and later gained an MBA from Stanford in California, where he met his wife Akshata Murthy. According to Infosys filings, the promoters hold 13.11 per cent of the company. Of this, the Murty family owns 3.6 per cent (Narayana Murthy holds 0.40 per cent stake, his wife Sudha 0.82 per cent, son Rohan 1.45 per cent and daughter Akshata 0.93 per cent). Other promoters include co-founder S Gopalakrishnan, Nandan M Nilekani and S D Shibulal and their families. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/rishi-sunak-is-the-first-indian-origin-british-pm-know-more-about-one-of-uks-richest-premiers/slidelist/95077247.cms">Rishi Sunak is the first Indian-origin British PM – Know more about one of UK’s richest premiers</a>

Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022

Tata Motors, TCS, Paytm, and other hot stocks on January 13

<ul><li>Infosys has announced that it will be buying back shares for a maximum of ₹1,750 apiece, which is a 25.2% premium over the prevailing share price in the market. </li><li>The IT giant also announced a dividend of ₹15 per equity share.</li><li>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued.</li></ul>Shareholders of Infosys, one of India’s top five information technology (IT) companies, have a reason to rejoice today, even as markets remain closed. The tech behemoth announced a buyback of equity shares worth ₹9,200 crore and will be doling out a dividend of ₹15 per equity share. However, this time around, it's not a tender buyback but an open market buyback. This means ₹1,750 is the ceiling price, but that the shares could be bought back for a lesser price. The quantum of shares that are bought back will be determined accordingly. That’s over $2 billion in buyback and dividend for its shareholders this quarter. Analysts had predicted that the shares would go for anywhere between a 10% to 15% premium and it seems Infosys landed on the higher end of the estimate. . The buyback price of ₹1,750 per share is a 25.2% premium to the closing price on April 13. <div type="Article" hostid="261" msid="82049122" title="Analysts estimate that Infosys may offer buyback of shares at ₹1,600 to ₹1,650 apiece" mstype="2" mssubtype="0"></div> The plan is to buyback 52 million shares or 1.23% of the total paid up capital. <cmsannotation type="cmsannotation" annotationid="The company is rewarding shareholders after a good year" comment="subhead" text="The company is rewarding shareholders after a good year">The company is rewarding shareholders after a good year</cmsannotation> The company saw its revenue grow by 2% in January to March as compared to the previous quarter. And revenue from digital, now, officially accounts for more than half of the money that Infosys is bringing in. After a blockbuster second quarter, where the company brought in $7.13 billion in new deals, it was only able to $2.1 billion in the last three months. What’s the good news? The management expects the next 12 months to be even better. The annual growth guidance is for a 12-14% growth in revenue in dollar terms — without accounting for exchange rate fluctuations. That’s more than twice the 5% growth clocked in the year ending March 2021. <div type="Article" hostid="261" msid="82066467" title="Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good" mstype="2" mssubtype="0"></div> If the uptrend for the IT services industry continues, shareholders can expect an even better buyback price next year. <h2 style="line-height:1.56;background-color:#ffffff;margin-top:0pt;margin-bottom:0pt;padding:26pt 0pt 8pt 0pt;"><cmsannotation type="cmsannotation" annotationid="Here’s why Infosys is buying back shares" comment="subhead" text="Here’s why Infosys is buying back shares">Here’s why Infosys is buying back shares</cmsannotation></h2>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued. However, since the Indian government announced that dividends will be taxable as per the effective rates for corporate shareholders — more commonly known as promoters — in July 2020, some companies have opted for the buyback route to save tax. Dividends are subject to ordinary income tax whereas share buybacks are taxed at a capital gains tax rate, which is lower. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest income tax slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Short term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Long term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Correction: An earlier version of the story said that the buyback price was higher than expected. Changes have been made to clarify that the buyback price of Rs. 1750 is the maximum price. Since the company plans to buy its own shares from the open market, the price may even be lower at times. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-had-a-great-year-but-ceo-salil-parekh-expects-the-next-one-to-be-more-than-twice-as-good/articleshow/82066467.cms">Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a> <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a>

Infosys will buy back shares at ₹1,750 in the open market

<ul><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> has announced share buyback at ₹4,500 per share, which is nearly 17% more from previous close price.</li><li>It added 10 new clients in the December quarter that has revenue potential of $100 million for the software exporter.</li><li>The IT giant reported revenue on quarter growth of 4.5% in constant currency.</li></ul>Tata Consultancy Services (TCS) said that it would buy back shares worth ₹18,000 crore. It will offer a price of up to ₹4,500 a share. That’s a premium of nearly 17% to the closing price on Wednesday (January 12). <div type="image" title="TCS share" height="900" width="1200" msid="88859723" hostid="261"></div>TCS revealed its share buyback plan along with reporting a 4.5% growth in revenue in constant currency terms. This is comparable to Infosys (7%) and Wipro (3%) in the same period. Since companies like Wipro, TCS, and Infosys export software, and earn in dollars, pounds or euros, they report growth in constant currency terms, which is adjusted for foreign exchange fluctuations. <div type="image" title="TCS dollar" height="900" width="1200" msid="88859729" hostid="261"></div>TCS added 10 new clients whose annual revenue potential is $100 million or more in a year for the company. “Quote on deals” “Overall we don’t have a specific preference of small deal, medium deal or large deal. We participate across the board and stay continuously engaged across the full spectrum. Very large deals like $500 million or billion dollar deals, they by nature are few and far between. More importantly, they take a long time to mature and are unpredictable in terms of when they will close. There are a few in the pipeline but we can't tell as to when they will come through,” said Rajesh Gopinathan, chief executive officer and managing director at TCS. <div type="image" title="TCS clients" height="900" width="1200" msid="88859738" hostid="261"></div>The largest Indian IT firm has reported 12% on year growth in net profit of ₹9,769 crore in the December quarter. The company has also announced a dividend of ₹7 per share to investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/tcs-completes-its-fresher-hiring-target-three-months-ahead-of-schedule-but-its-not-done-yet/articleshow/88858310.cms">TCS completes its fresher hiring target three months ahead of schedule but it’s not done yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/the-attrition-at-infosys-is-worse-than-that-at-wipro-ceo-salil-parekh-has-increased-hiring-plan-by-10000/articleshow/88856648.cms">The attrition at Infosys is worse than that at Wipro, Salil Parekh has increased hiring plan by 10,000</a>

TCS will buy back shares worth ₹18,000 crore for a price up to ₹4,500 apiece

<ul><li>Infosys announced that it will consider buyback of equity shares during its board meeting set to take place tomorrow, on April 14.</li><li>Analysts estimate that shares may be bought up at ₹1,600 to ₹1,650 a piece.</li><li>According to them, the buyback is not because the management feels that Infosys’ shares are undervalued but because it is as per the company’s payout policy.</li><li>Infosys has thus far given out around 50% in dividend as what is left over will be spent on this buyback.</li></ul>Indian information technology (IT) giant, Infosys, may announce a buyback of equity shares after its board meeting scheduled for April 14. And, analysts estimate that the shares will be picked up between ₹1,600 to ₹1,650 a piece. That's a 14% premium on the closing price of Infosys on April 13. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5841634"></div>]]></cdata></div> “If you see, Infosys usually spends 85% of its free cash flow five year’s average. This year they've given out around 50% in dividend. The rest of the amount, which comes up to around ₹11,500 to ₹12,500 crore, they will spend on this buyback,” explained Sanjiv Hota from Sharekhan. Apurv Prasad from HDFC Securities told Business Insider India that the Bengaluru-based tech services major may buy fewer shares this time around. <cmsannotation type="cmsannotation" annotationid="Why is Infosys buying back shares?" comment="subhead" text="Why is Infosys buying back shares?">Why is Infosys buying back shares?</cmsannotation> A buyback is when a company purchases free floating shares in the market. A process in which the promoters participate too. It is normally done at a price higher than what is prevailing in the market. Analysts estimate that Infosys will offer between 10% to 15% premium. Companies normally offer a buyback of shares to stem a fall in share prices, as many did after the pandemic rocked markets in March last year. However, since the government announced that dividends will be taxable as per the effective rates rates for corporate shareholders — more commonly known as promoters — in July 2020, some companies have opted for the buyback route to save tax. “Dividends are not the most efficient method of payouts for a certain set of investors because of the much higher slab rates,” explained Prasad. Dividends are subject to ordinary income tax whereas buybacks are taxed at a capital gains tax rate, which is lower. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest income tax slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Short term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Long term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> It also helps the company get rid of any excess cash on the books. It’s common practice for leading companies to have a regular buyback strategy in place. “What happens is that if you don’t give the buyback, there’s a lot more cash which is not yielding high returns,” Prasad explained. Infosys is not alone in the balancing act of paying out dividends and offering buybacks. Most IT companies do a little bit of both depending on their shareholder profile. “It’s a tender route where the promoters also end up participating,” said Prasad. TCS, for instance, returned $4.17 billion of cash to shareholders through buybacks and dividends this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-ports-share-price-big-fall-in-two-days-amid-rising-covid-19-cases-and-myanmar-military-controversy/articleshow/82046212.cms">Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a>

Analysts estimate that Infosys may offer buyback of shares at ₹1,600 to ₹1,650 apiece

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> gave its employees 100% variable pay over the last three months and restarted the promotion process for junior level employees. </li><li>Over the next three months, the promotions process will also come in for senior employees along with any salary hikes. </li><li>However, Infosys CFO Nilanjan Roy highlighted that the new measures are likely to impact margins in the second half of the current fiscal year. </li><li>Infosys plans to add 16,000 freshers to its roster during the current fiscal and another 15,000 next year.</li></ul>Infosys has witnessed a stellar second quarter with a 16.2% jump in profits over the last three months. It’s rewarding its shareholders with an interim dividend of ₹12 per equity share and its reinstating wake hikes, promotions and other measures for employees. <div type="Article" hostid="261" msid="78659827" title="Infosys second quarter earnings deliver on all fronts led by highest ever deal wins worth $3.15 billion — raises annual guidance to 2% to 3%" mstype="2" mssubtype="0"></div> The impact of these measures, some rolled out between July to September, could already be seen in the company's voluntary attrition rate at 7.8%. "Attrition has come down dramatically due to more employee engagement during COVID-19," said Infosys COO Pravin Rao during the second quarter earnings call. Infosys added around 5,000 freshers and 2,500 new lateral hires to its rosters in the second quarter. According to Rao, the company is looking to add a total of 16,000 freshers overall during the current fiscal and another 15,000 next year. <div type="image" title="Copy of attrition rates it companies" msid="78660846" hostid="261" caption="&amp;lt;p&amp;gt;Infosys attrition rate drops to 7.8%, the lowest it&amp;#39;s been in at least the past three years&amp;lt;/p&amp;gt;"></div> Infosys rolls out incentives for employees In the second quarter, it has already doled 100% variable pay. Infosys’ junior employees were also awarded a one-time special incentive over the last three months. However, there is a flip side. These measures are likely to affect margins. “Going into the second half, some of these cost increases will now come back like wage hikes, promotions, hiring etc,” said Infosys CFO Nilanjan Roy. Even so, the company has increased in annual margin guidance to between 23% to 24% and hiked the annual revenue guidance to between 2% to 3%. Over the next three months, the salary increase process will be restarted for senior employees as well, effective from January 1, 2021. “I’m thankful to all our employees for staying deeply to serve our clients. They’ve navigated their own challenges associated with the ongoing coronavirus situation,” said CEO Salil Parekh. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-dips-after-earnings-report-analysts-believe-it-will-take-a-while-to-catch-up-to-tcs-and-hcl-technologies/articleshow/78654023.cms">Wipro’s share price dips by over 6% after earnings — analysts believe it will take a while to catch up to TCS and HCL Technologies</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-thierry-delaporte-outlines-five-point-strategy-for-growth-looking-at-more-acquisitions-and-larger-deals/articleshow/78643942.cms">Wipro CEO Thierry Delaporte outlines five-point strategy for growth — looking at more acquisitions and larger deals</a>

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Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022

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Tata Motors, TCS, Paytm, and other hot stocks on January 13

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Infosys will buy back shares at ₹1,750 in the open market

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TCS will buy back shares worth ₹18,000 crore for a price up to ₹4,500 apiece

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Analysts estimate that Infosys may offer buyback of shares at ₹1,600 to ₹1,650 apiece

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Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months

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