Shares of Tata Consultancy Companies (TCS) on Monday jumped practically 6 per cent forward of its board meet later this week to think about a share buyback proposal.
The inventory gained 5.69 per cent to succeed in its 52-week excessive of Rs 2,666.30 on the BSE.
It zoomed 5.67 per cent to Rs 2,666.70 — its one 12 months excessive on the NSE.
The corporate’s market valuation was at Rs 9,97,102.43 crore in morning commerce on the BSE.
“…the board of administrators will think about a proposal for buyback of fairness shares of the corporate, at its assembly to be held on October 7, 2020,” TCS mentioned in a regulatory submitting on Sunday night time.
No different particulars of the buyback plan had been disclosed.
The board can be slated to think about its monetary outcomes for the September quarter and declaration of a second interim dividend to the fairness shareholders at that assembly.
In 2018, the Mumbai-based firm had undertaken a share buyback programme price as much as Rs 16,000 crore.
The buyback, at Rs 2,100 per fairness share, had entailed as much as 7.61 crore shares. In 2017 too, TCS had undertaken the same share buy programme.
TCS had introduced the mega buyback supply as a part of its long-term capital allocation coverage of returning extra money to shareholders.