Buybacks for FY21 cross last yr's tally after announcements from TCS, Wipro

Change in tax structure leads to revival of share repurchase programmes

Buybacks for this financial year have zoomed past last year ‘s numbers after the mega share repurchase programmes were announced by Tata Consultancy Services (TCS) and Wipro.

Including the buybacks announced by the two IT giants, this year’s buyback tally stands at Rs 28,430 crore — 42 per cent more than 2019-20. In the last financial year, buyback activity had slumped 64 per cent, following the introduction of 20 per cent tax. Despite widespread demands, there has been no roll-back of the buyback tax. But a change in the dividend tax structure this financial year has once again tilted the scale