The board of TCS announced a buyback of shares, after which the shares of the company surged by 3.5%!
The company’s board will be meeting to announce the earnings during the third quarter.
Read on to find out all the details!
TCS Board Announces Buyback; Stock Prices Surge!
As per reports, the stock reached a high of Rs 3979.90 on BSE, which increased by 3.47 percent from its previous close. Exactly at 9.20 am, the scrip was trading at
This is the fourth buyback, and in the previous three buybacks, Tata Sons has been the biggest beneficiary.
TCS has now completed 50 years and it was listed on the stock exchanges in 2004.
In just 13.5 years, it has achieved a $100 billion market cap. Interestingly, the next $ 100 billion took 3.5 years, or a third of the time, as per the company executive.
Third Time Buy Back Of Shares By TCS
In 2020, TCS had announced that they will buy back 5,33,33,333 shares from existing investors, and for that, they will spend Rs 16,000 crore. Under the buyback program, TCS is willing to spend Rs 3000 per share.
After voting among all shareholders, 99.57% of the shareholders approved the buyback program and gave a green signal for the same.
In a regulatory filing, TCS said, “…the company has fixed Saturday, November 28, 2020, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback.”
In 2021, we had shared that TCS shares have achieved 3.15 percent in the intraday trade session, reaching a new high of 3377.90.
Recently, Air India had been sold to Tata Sons, and this way, Tata has become the new owner of Air India. Tata Sons had been the frontrunner for acquiring Air India, since their bid was the highest.
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