TCS rallies 5%, hits a fresh record high on share buyback plan

The board will meet on Wednesday, October 7, 2020 to consider share buyback proposal.

Shares of Tata Consultancy Services (TCS) rallied 5 per cent to Rs 2,649.95 on the BSE in the early morning trade on Monday after the company said it will consider a buyback on Wednesday, October 7, 2020.  The stock of the Tata group IT bellwether surpassed its previous high of Rs 2,554, touched on September 22, 2020.

In a separate regulatory filing, TCS said it would be providing Rs 1,218 crore as an exceptional item, in the financial results for the three and six months ended September 30, 2020, to be announced on October 7, 2020. This provision is for court-awarded