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Shares of Tata Consultancy Services (TCS) on Monday jumped nearly 6 per cent ahead of its board meet later this week to consider a share buyback proposal. The stock gained 5.69 per cent to reach its 52-week high of Rs 2,666.30 on the BSE. It zoomed 5.67 per cent to Rs 2,666.70 -- its one-year high on the NSE.
The company’s market valuation was at Rs 9,97,102.43 crore in morning trade on the BSE.
“...the board of directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on October 7, 2020,” TCS said in a regulatory filing on Sunday night.
No other details of the buyback plan were disclosed.
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TCS to consider share buyback on October 7
At an estimated ₹20,000 cr, buyback seen as a positive for IT sectorThe board is also slated to consider its financial results for the September quarter and declaration of a second interim dividend to equity shareholders at that meeting.
In 2018, the Mumbai-based company had undertaken a share buyback programme worth up to Rs 16,000 crore.
The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares. In 2017 too, TCS had undertaken a similar share purchase programme.
TCS had announced the mega buyback offer as part of its long-term capital allocation policy of returning excess cash to shareholders.
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