SME Times is powered by   
Search News
Just in:   • Mishra launches Digital MSME scheme  • GST transition for SMEs  • GST, selling pressure spook investors, markets close lower  • AEPC joins hand with NSDL to assist exporters in GST compliances  • Apple, Cisco to help firms get cyber security insurance discounts 
Last updated: 17 Feb, 2017  

TCS.9.Thmb.jpg TCS too mulls buyback of shares soon

TCS.9.jpg
   Top Stories
» India, US vow to fight terror, boost economic cooperation
» Jaitley urges J&K CM to roll-out GST from July 1
» Traders' association urges govt for trial period of GST
» PM invites US business, says GST will ease way
» Govt postpones provision relating to TDS, TCS under GST
SME Times News Bureau | 17 Feb, 2017
Global software major Tata Consultancy Services Ltd (TCS) proposes buyback of equity shares of Re 1 face value, said the IT major on Thursday.

"The Board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017," said the flagship company of the Tata Group in a regulatory filing to the BSE.

As news spread about the buyback move, the city-based company's blue chip scrip gained Rs 31.20 per share on the BSE to close at Rs 2,446.90 as against Tuesday's closing price of Rs 2,415.70 and after opening at Rs 2,450 when trading began earlier in the day.

The share value of the $16.5-billion TCS rose to Rs 2,477.50 and dipped to Rs 2,436.30 during the intra-day trading session.

The company's shares are also listed for trading on the National Stock Exchange (NSE) here. It had 1,970,427,941 shares outstanding as on December 31.

The outsourcing firm's move comes a week after the US-based software major Cognizant Technology Solutions Corporation said its board had approved to buyback equity shares and pay $3.4 billion to its investors over the next two years through repurchase and dividends.

Amidst media reports and demand from two of its former directors for share buyback, software major Infosys Ltd, however, clarified that it would not comment on rumours or speculations.

"There have been several reports in the media that the Board is meeting over the next few days to consider Rs 12,000-crore share buyback. The company would like to clarify that its policy is not to comment on rumours or speculations," said the Bengaluru-based company in a filing to the BSE.

Infosys' ex-Chief Financial Officers and ex-Directors T.V. Mohandas Pai and V. Balakrishnan had through the media recently urged the company to go for a buyback of shares as it had cash reserves of Rs 35,697 crore at the end of the third quarter (October-December) of fiscal 2016-17.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.15
63.50
UK Pound
83.40
80.60
Euro
73.45
70.95
Japanese Yen 59.75 57.70
As on 28 Jun, 2017
  Daily Poll
Should Govt tax farm income above certain level?
 Yes
 No
 Can't say
  Commented Stories
» Poor state of state finances(13)
» Starting an import export business: Basic guide for beginners(11)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(2)
» Three years of Modi government(1)
» Air India unions warn govt of industrial unrest(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter