TCS to buy back shares worth Rs 17k crore


MUMBAI: TCS will buy back about Rs 17,000-crore worth of its own stock, a bullish sign amid a volatile macroeconomic environment. It will buy up to 4 crore shares, representing 1.1% of its equity capital, at Rs 4,150 apiece, it announced as part of its second quarter earnings.
The buyback price is at a premium of 15% to TCS’s stock trading rate of Rs 3,610 on the BSE on Wednesday. However, it was below street expectations and lower than the company’s 2022 buyback price of Rs 4,500 a share, said Mehta Equities’s Prashanth Tapse. Street expected the buyback price to be Rs 4,300-4,500 apiece, he said. This will be TCS’s fifth share buyback in six years. In 2022, it had repurchased Rs 18,000 crore worth of stock.

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