TCS Board To Consider Share Buyback Proposal On Oct. 11
The board of Tata Consultancy Services Ltd. will consider a proposal for a buyback of shares on Oct. 11. India's largest IT services firm will declare its second-quarter earnings on that day.
A buyback, if approved, will be TCS' fifth since 2017.
From March 9–23, 2022, the Tata Group firm repurchased 40 million shares of face value Re 1 each at Rs 4,500 apiece for an aggregate amount of Rs 18,000 crore, according to data available on the stock exchanges.
TCS had effected similar share buybacks in October 2020, June 2018, and February 2017.
On Friday, TCS shares rose as much as 1.27% to hit Rs 3,634.95 apiece, the highest level since April 22, 2022. It pared gains to end 0.89% higher at Rs 3,621.40 apiece, compared to a 0.55% advance in the benchmark NSE Nifty 50 at close.
It has risen 13.45% on a year-to-date basis. The relative strength index was 64.
Twenty-four out of the 46 analysts tracking TCS maintain a 'buy' rating, 13 recommend a 'hold' and nine suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.1%.
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