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TCS Gains Over 2% On Announcing Rs 18,000 Crore Share Buyback Plan

This is the company's fourth and biggest share repurchase plan announced by the country's biggest software services firm.

TCS Gains Over 2% On Announcing Rs 18,000 Crore Share Buyback Plan
TCS Gains Over 2% On Announcing Rs 18,000 Crore Share Buyback Plan
outlookindia.com
2022-01-13T11:19:21+05:30

Shares of the country's second largest company by market capitalisation, Tata Consultancy Services (TCS), rose as much as 2.25 per cent to hit an intraday high of Rs 3,944.40 on the BSE a day after it announced its biggest-ever Rs 18,000 crore share buyback proposal. The company will buy shares from its existing investors at Rs 4,500 per share, marking a premium of 17 per cent to its yesterday's closing price.

This is the company's fourth and biggest share repurchase plan announced by the country's biggest software services firm.

Last year, the Mumbai-based company had announced share buyback plan worth Rs 16,000 in which its promoter Tata Sons tendered shares worth Rs 10,000 crore, according to data on stock exchanges.

TCS reported net profit of Rs 9,769 crore for quarter ended December 2021, marking a sequential increase of 1.5 per cent on the back of mid to high teen growth in all industrial verticals.

Its revenue from operations rose 4.3 per cent sequentially to Rs 48,885 crore. Its revenue in constant currency terms advanced 15.4 per cent (Y-o-Y).

During the October-December period, TCS added ten new $100 million+ clients and 21 new $50 million+ clients. Its total $100 million+ plus clients stood at 58 and $50 million+ clients stood at 118.

The company added 28,238 employees in December quarter taking total workforce strength to 5,56,986. Its attrition rate stood at 15.3 per cent, lowest in the industry.

As of 11:14 am, TCS shares traded 0.33 per cent higher at Rs 3,870, outperforming the Sensex which was trading on a flat note.

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