Infosys shares gain as company expects refund of ₹2,949 crore from Income Tax department

Infosys informed exchanges that it received orders from the Income Tax department for assessment year 2016-16 and 2019-20 on March 25 and March 26 and as per the orders it expects a refund of ₹ 2,949 crore (including interest).

"The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2025," Infosys said in an exchange filing.

In a separate development, Infosys on Wednesday announced launch of Infosys Springboard Makerlab, at the Symbiosis International (Deemed) University, in Pune.

"The new lab, a first of its kind, will provide young learners with hands-on experience in Science, Technology, Engineering, and Mathematics (STEM) fields, with the aim to help them become more employable. It is open to students from all Symbiosis schools and colleges as well as students from nearby educational institutions," the Bengaluru-based company said in a press release.

"Infosys Springboard Makerlab offers access to a range of cutting-edge technologies, including educational DIY kits and equipment related to science, electronics, robotics, microcontrollers, Internet of Things (IoT), Augmented/Virtual Reality (AR/VR), drones, and 3D printing. It provides access to advanced technology and experiential learning that aims to equip students with the skills needed for Industry 4.0, automation, and digital transformation," Infosys added.

Infosys shares have so far this year declined 15% underperforming the NIFTY50 index which is down 0.67% year-to-date.

As of 9:21 am, Infosys shares traded 0.10% higher at ₹1,601.05 on the National Stock Exchange, in line with the NIFTY50 index which was up 0.08%.