Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd
"TCS Ltd. has announced that the company has fixed record date of 28th of Nov 2020 for the Rs. 16,000 crore share buyback programme announced by the company during the Q2FY21 numbers. The company had announced that it would consider a share buyback of upto Rs. 16000 crore at a price of Rs. 3000 per share which is at a premium to current market price. However the acceptance ratio for TCS buyback is expected to be lower than that of Wipro given more widespread holdings by retail investors in TCS as compared to Wipro. Amongst large cap IT companies both Wipro too has announced a buyback of Rs. 9,500 crore. We expect more IT companies to reward shareholders in the form of buybacks going forward as most of them have large surplus cash on books."
Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2637.05 as compared to the previous close of Rs. 2625.9. The total number of shares traded during the day was 114908 in over 13652 trades.
The stock hit an intraday high of Rs. 2678.6 and intraday low of 2630. The net turnover during the day was Rs. 304497143.