© Reuters.
MUMBAI – Shares of Tata Consultancy Services (NS:) witnessed a slight decline during morning trading on the National Stock Exchange (NSE), falling by half a percent to an intraday low of ₹3,491. This movement comes immediately post-ex-date for the IT giant’s substantial tender offer buyback program, which was initially announced in an October board meeting. The shares were later seen trading at ₹3,501.45.
TCS is set to repurchase over four million equity shares, which represents more than one percent of its total equity share capital. The buyback is priced at ₹4,150 per share, amounting to a total expenditure of ₹17,000 crores (INR100 crore = approx. USD12 million). This strategic move is part of TCS’s efforts to return value to its shareholders.
Investors are also keeping a close eye on the calendar as tomorrow marks the record date for determining the shareholders who are eligible to participate in this buyback program.
In addition to the buyback news, TCS has reported a profit increase in its second-quarter performance. The company’s earnings rose from last quarter’s figure of over ten thousand crores to more than eleven thousand crores, marking a near three percent growth. Revenues also saw a modest uptick, with a half percent rise to nearly sixty thousand crores.
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