Tata Consultancy Services (TCS), the most valuable company within the Tata Group, will consider a share buyback, which, if approved by its board on February 20, will be its first since its listing in 2004.
Tata Consultancy Services (TCS) shares today rose almost 3 per cent after the company said its board will meet next week to consider share buyback. In mid-morning trade on BSE, the scrip was quoting at Rs 2,440.10, over 1% higher than Wednesday's close price of Rs 2,415.70 per share.
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Indian IT companies after United States based Indian IT company Cognizant's decision to go for a buyback to address shareholders' concern on cash surplus, are under pressure to do so as investors's worry on mount on the use of such idle funds which they feel should reward the shareholders and boost profitability.
Hence, 10 percent buyback may cost the company at Dollars 1.24 billion and at 25 percent share buyback may cost USD 3.1 billion. Interestingly, this could also be one of the biggest announcements by outgoing TCS CEO N Chandrasekaran, as he is set to take charge as the Chairman of Tata Sons on February 21. The company had net cash of Rs 43,100 crore at the end of December 31, 2016.
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Last week, Infosys' former CFO V Balakrishnan also demanded share buyback to protect shareholders' interest.
The country's second largest software services company Infosys on Thursday said it "periodically" reviews the capital allocation policy and the management will take a decision on share buyback at an "appropriate time". "We have increased the dividend payout twice in the past three years as a result of this process", an Infosys spokesperson said in an emailed statement. Similarly, Quantum Securities Director Sanjay Dutt said the managements of of IT companies were "finally waking up to fact that if you have cash on the books with no alternative use, it is high time you give back money to shareholders", Moneycontrol reported. In 2016, Wipro had announced a Rs 2,500-crore share buyback.
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