TCS gains after setting record date for buyback

TCS rose 0.59% to Rs 1989.05 at 9:29 IST on BSE after the company set 18 August 2018 as the record date for the buyback offer.

The announcement was made on Saturday, 4 August 2018.

Meanwhile, the S&P BSE Sensex was up 223.83 points, or 0.60% to 37,779.99.

On the BSE, 15,000 shares were traded in the counter so far compared with average daily volumes of 92,000 shares in the past two weeks. The stock had hit a high of Rs 1,998 and a low of Rs 1,986.50 so far during the day. The stock hit a record high of Rs 2,012 on 24 July 2018. The stock hit a 52-week low of Rs 1,210.33 on 29 September 2017.

TCS announced that it fixed 18 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company.

In June 2018, TCS' board approved buyback of upto 7.61 crore equity shares, aggregating upto 1.99% of the fully paid-up equity share capital of the company, at Rs 2,100 per share, for an aggregate amount not exceeding Rs 16000 crore.

TCS' consolidated net profit rose 6.31% to Rs 7362 crore on 6.82% increase in net sales to Rs 34261 crore in Q1 June 2018 over Q4 March 2018.

TCS is an IT services, consulting and business solutions organization.

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