TCS board will consider share buyback on October 7. The board of directors of Tata Consultancy Services (TCS), the country’s largest information technology sector, will consider the proposal to buy back the company shares this weekend. Following this announcement, TCS shares are seen rising 5.29% on the BSE today. Today, TCS is trading at 2656.15 levels in the Sensex.
In a regulatory notice sent to the stock exchanges on Sunday night, TCS said, The board of directors of the company will consider the proposal for share buyback in the meeting on 7 October 2020. No other details of the shares were repurchased. It said that during this period the board of directors would also consider the company’s September quarter financial results and declare a second interim dividend.
TCS board will consider share buypacks:
The Mumbai Based company in 2018 had handle a share buyback programme of Rs 16,000 crore. In the year 2018 too, the company had implemented the Rs 16,000 crore share buyback plan. The purchase was made at the rate of Rs 2,100 per share, in which around 7.61 crore shares were bought back. In the year 2017 too, the company had implemented a similar share purchase program. This offer to buy back shares of TCS is part of its long-term allocation policy. Through this, the company returns its excess cash to lenders.
In might this year, Securities and Exchange Board of Republic of India (SEBI) had warned TCS to watch out in handling speech act of fabric info to investors . Once the watchdog found that the IT major failed to conspicuously show the extent of damages associated with a case within the USA.