You are here: Home » PTI Stories » National » News
Business Standard

TCS up over 2%; m-cap rises by Rs 16,539 cr on share buyback plan

Press Trust of India  |  New Delhi 

The of (TCS) ended with over 2 per cent gains today, adding Rs 16,539 crore to its market valuation, on the company's plan to buy back shares at its board meeting later this week.

The stock gained 2.43 per cent to end at Rs 1,824.20 on BSE. During the day, it rose by 2.86 per cent to Rs 1,832.

On NSE, shares of the company went up by 2.41 per cent to close at Rs 1,824.

The company's market valuation surged Rs 16,539.68 crore to Rs 6,98,408.68 crore.

In terms of equity volume, 3.54 lakh shares of the company were traded on BSE and over 53 lakh shares changed hands on NSE during the day.

"...the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on June 15, 2018," TCS said in a BSE filing late last night.

The Mumbai-based company, however, did not disclose any further details about the buyback proposal.

buybacks typically improve earnings per and return surplus cash to shareholders, while also supporting price during period of sluggish market condition.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 16:15 IST