Tech Mahindra hits new high as board approves buyback at Rs 950 per share

The stock hit record high of Rs 832, up 2.5% after the board approved share buyback at a price of Rs 950 per share through a tender offer.

Shares of Tech Mahindra hit an all-time high of Rs 832 apiece, rising 2.5 per cent on the BSE in an otherwise subdued market after the company's board approved share buyback at a price of Rs 950 per share through a tender offer. The stock surpassed its previous high of Rs 824 recorded on February 8, 2019, in the intra-day trade. It, however, pared gains and closed 1.07 per cent higher at Rs 820 levels. In comparison, the S&P BSE Sensex moved up 0.4 per cent to close at 35,898 levels.

“The board of directors of the company at its