TCS up 4% as Board clears buyback; adds Rs 19,379 cr to mcap

The TCS scrip today jumped 4 per cent, adding Rs 19,379 crore to its market valuation, after the company said its Board has approved a share buyback plan of up to Rs 16,000 crore.
The stock rose by 4.08 per cent to end at Rs 2,506.50 on BSE. During the day, it had gained 6 per cent to Rs 2,555.
On NSE, shares of the company went up by 3.91 per cent to close the day at Rs 2,502.20.
Led by the sharp gain in the stock, the market valuation of the country's largest software services firm surged Rs 19,379.76 crore to Rs 4,93,887.76 crore.

On the volume front, 1.98 lakh shares of TCS were traded on BSE and over 19 lakh shares changed hands at NSE during the day.
The Tata Group company said the proposed shares represent 2.85 per cent of the total paid up equity share capital at Rs 2,850 per equity share.
"Tata Consultancy Services (TCS) Board of Directors has approved a proposal to buyback up to 5.61 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore," TCS said in a BSE filing.
The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism, it added.