TCS hits 52-week high, gains 1% in weak market on share buyback plan
Shares of Tata Consultancy Services (TCS) hit a 52-week high of Rs 3,634.70, up 1 per cent on the BSE in Monday's intraday trade, in an otherwise weak market after the company announced that it will consider a proposal to buyback equity shares at the meeting to be held on October 11, 2023. The company made the announcement on Friday after market hours.
In comparison, the S&P BSE Sensex was down 0.64 per cent at 65,571 at 09:30 AM.
The last time TCS came up with a buyback plan was in 2022 March. The buyback share price per share was Rs 4,500 with a total buyback size of Rs 18,000 crore. The company completed its buyback programme between March 9 to March 23.
The buyback plan is in line with the TCS’ shareholder-friendly capital allocation practices of returning excess cash to shareholders, thereby increasing shareholder value in the longer term, and improving the Return on Equity.
Shares of Tata Consultancy Services (TCS) hit a 52-week high of Rs 3,634.70, up 1 per cent on the BSE in Monday's intraday trade, in an otherwise weak market after the company announced that it will consider a proposal to buyback equity shares at the meeting to be held on October 11, 2023. The company made the announcement on Friday after market hours.
In comparison, the S&P BSE Sensex was down 0.64 per cent at 65,571 at 09:30 AM.
The last time TCS came up with a buyback plan was in 2022 March. The buyback share price per share was Rs 4,500 with a total buyback size of Rs 18,000 crore. The company completed its buyback programme between March 9 to March 23.
The buyback plan is in line with the TCS’ shareholder-friendly capital allocation practices of returning excess cash to shareholders, thereby increasing shareholder value in the longer term, and improving the Return on Equity.