SME Times is powered by   
Search News
Just in:   • Two major international jewellery shows to open next week  • H-1B visa: IT sector woes  • Fresh buying support lifts equities, end in green  • Satya Nadella meets IT Minister Prasad  • Maruti Suzuki's hybrid vehicles' sales soar 
Last updated: 17 Feb, 2017  

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

TCS.9.jpg
   Top Stories
» RBI tells banks to go digital to serve MSMEs better
» Ministries ink MoU for welfare of artisans in SC category
» India offers to share telecom expertise with ASEAN
» Cash withdrawal weekly limit goes up to Rs 50,000
» GST Council has cleared draft compensation law: FM
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
67.85
66.15
UK Pound
85.00
82.05
Euro
72.45
69.95
Japanese Yen 59.85 57.90
As on 22 Feb, 2017
  Daily Poll
Will Budget 2017 help push MSME sector growth
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(12)
» Temptation of protectionism(9)
» Govt mulls 'Online Udyog Aadhaar Form' to ease SME registration(4)
» 'Digital lending marketplace can help SMEs to get easier and cheaper loan'(2)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter