REUTERS - Indian shares rose around 0.7 percent on Monday, erasing earlier losses to hit their highest close since September as IT stocks rallied after Tata Consultancy Services announced a share buyback at a substantial premium.
TCS rose about 4 percent after saying its board approved a share buyback of up 160 billion rupees ($2.39 billion) at 2,850 rupees apiece, well above its closing price of 2,502.20 rupees.
Rival Infosys rose 1 percent.
The benchmark BSE Sensex ended up 0.68 percent at 28,661.58, its highest close since Sept. 23, 2016.
The broader NSE Nifty ended 0.65 percent higher at 8,879.20, its highest close since Sept. 9, 2016.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app