PSUs join tech firms in buyback spree to help govt meet asset sale target

Infosys, Asia's second-largest software exporter, last month said it would buy Rs 82.6 billion of its own stock

India Inc. is extending a banner year for share buybacks.

Seven weeks into 2019, two dozen companies led by technology major Infosys Ltd. have announced or completed plans to buy Rs 170.5 billion ($2.4 billion) of their own stock, according to data compiled by Bloomberg. This compares with about Rs 545 billion for all of 2018, which was the highest in at least six years, the data show.

“Buybacks this year are likely to equal the year before, if not exceed, as improving liquidity boosts cash flows for companies,” said Sameer Kalra, president of Target Investing, an investment advisory firm