TCS gains after fixing record date for buyback
Tata Consultancy Services rose 1.46% to Rs 2,664.30 after the company's board fixed 28 November 2020 as the record date for share buyback.
On 7 October 2020, the board of TCS had approved a proposal to buyback up to 5.33 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 1.42% of the total paid-up equity share capital, at Rs 3,000 per equity share. TCS said 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.
The IT major reported a 7.05% decline in consolidated net profit to Rs 7,475 crore on a 2.97% increase in revenue to Rs 40,135 crore in Q2 September 2020 over Q2 September 2019.
Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization.
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First Published: Nov 19 2020 | 9:20 AM IST