TCS shares jumped to their 52-week high on June 14.
The shares of India's largest IT firm Tata Consultancy Services (TCS) closed at Rs 1,845, higher by 2.94 per cent on Friday after the TCS share buyback announcement.
The TCS board met today to approve the proposal of Rs 16,000 crore share buyback.
TCS shares on Friday soared to as high as 1,849 against the previous session's closing of Rs 1,792.25 on the BSE.
The TCS scrip opened at Rs 1,801, while it fell to as low as Rs 1,791 in intra-day trade.
At 1.47 pm, TCS shares traded at Rs 1,800 (0.43 per cent higher) on the BSE.
TCS shares jumped to their 52-week high on June 14, a day before the board meeting was scheduled to take place.
TCS has approved the buyback of 1.99% of the equity share capital amounting to uptoRs.16,000 crore, the IT major announced after a board meeting that concluded at 2.35 pm on Friday.The company had made an announcement on Tuesday (June 12).
in a stock market filing, that the share buyback decision will be taken on Friday.
(: Another Milestone For TCS As It Celebrates 50 Years: Rs.
7 Lakh Crore)"Pursuant to Regulation 29( I )(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on June 15,2018," reads the company statement on Tuesday.TCS shares closed at Rs 1,750 a day before the the company made the announcement of intended share buyback.
A day later (June 12), the shares closed at Rs 1,781 on the cheer of announcement, and further at Rs 1,824 on Wednesday.
Last year, TCS had announced a buyback worth Rs 16,000 crore which materialised in the month of May.The number of shares and the price at which the buyback is likely to happen will be approved in the company's board meeting.Tata Consultancy Services is an IT services, consulting and business solutions organization that offers a consulting-led, cognitive powered, integrated portfolio of IT, Business and Technology Services, and engineering.
A part of the Tata group, TCS has over 394,000 consultants in 46 countries.
The company generated consolidated revenues of US$ 19.09 billion for year ended March 31, 2018.