TCS gains 3% as board mulls share buyback proposal

The stock was up 3% at Rs 1,830 on the BSE in early morning trade after the IT major said that its Board will consider a proposal for buyback of equity shares of the company, at its meeting on June 15

Shares of Tata Consultancy Services (TCS) were up 3% at Rs 1,830 per share on the BSE in early morning trade after the information technology (IT) major said that its Board will consider a proposal for buyback of equity shares of the company, at its meeting on June 15, 2018.

During a recent media interaction, the Mumbai-headquartered company’s Chief Executive Officer Rajesh Gopinathan had said the company would distribute 80-100% of its free reserves and free cash generated in a year to shareholders.

Last year, TCS had bought back 56.14 million equity shares, representing around 3% of its total equity for around Rs 160 billion.

At 09:27 am; the stock was trading 1.7% higher at Rs 1,812 on the BSE, as compared to 0.37% rise in the S&P BSE Sensex. A combined 1.14 million shares changed hands on the counter on the BSE and NSE. The stock hit a record high of Rs 1,837 on May 25, 2018 in intra-day trade.