Rs 16,000-cr buyback plan approval drives TCS shares up
New Delhi: Shares of Tata Consultancy Services (TCS) on Thursday rose over 0.5 per cent after its shareholders approved up to Rs 16,000-crore share buyback plan.
On the BSE, it ended at Rs 2,637.05, higher 0.42 per cent. Intra-day, it rose 2 per cent to Rs 2,678.6. On the National Stock Exchange (NSE), TCS' shares went up by 0.52 per cent to close at Rs 2,640.25. It rose 1.88 per cent to intra-day high of Rs 2,676.15 on the exchange.
Last month, TCS' board of directors approved a proposal to buy back up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore. "The members of the company have duly passed the special resolution approving the buyback," TCS said in a regulatory filing on Wednesday.