TCS’ earlier buyback supply of about Rs 16,000 crore had opened on Dec. 18, 2020, and closed on Jan. 1, 2021. Over 5.33 crore fairness shares had been purchased again below the supply for Rs 3,000 apiece. In 2018, India’s largest IT providers agency repurchased shares price as much as Rs 16,000 crore at Rs 2,100 apiece. An analogous train was carried out in 2017 as nicely.
“…the Board of Administrators will take into account a proposal for buyback of fairness shares of the corporate, at its assembly to be held on January 12, 2022,” based on trade submitting on Friday. The board is scheduled to satisfy on Jan. 12 to approve and tackle report the monetary outcomes of the corporate for the third quarter and the 9 months ended Dec. 31, 2021. On the finish of the September 2021 quarter, the Mumbai-based firm had money and money equivalents of Rs 51,950 crore.
Smaller friends like Infosys Ltd. and Wipro Ltd. have additionally undertaken buyback programmes to return surplus money on their books to shareholders. In September final yr, Infosys had mentioned it has purchased again over 5.58 crore fairness shares as a part of its Rs 9,200-crore buyback supply. The method—carried out by way of open market via Indian inventory exchanges—noticed shares being purchased again within the vary of Rs 1,538.10 and Rs 1,750. Wipro had additionally accomplished a Rs 9,500 crore buyback in January final yr.
On Friday, TCS shares rose 1.26% to Rs 3854.85 apiece on the BSE whereas the benchmark Sensex ended the day 0.24% greater at 59,744.65 factors.