TCS gains as board plans to consider share buyback
Tata Consultancy Services (TCS) gained 2.6% to Rs 2,478 on the BSE in early morning trade after the company said its board will meet on Monday, February 20, 2017 to consider a proposal for buyback of equity shares of the company.
“The board of directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017," TCS said in a regulatory filing.
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The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
In past one year, the stock of the country’s largest software company has underperformed the market by gaining 6% as compared to 19.5% surge in the S&P BSE Sensex.
At 09:27 am; the stock was up 1.8% at Rs 2,458 against 0.18% rise in the benchmark index. A combined 485,975 shares changed hands on the counter on the NSE and BSE so far.
Meanwhile, other large-cap information technology (IT) stocks such as Infosys, HCL Technologies, Tech Mahindra and Wipro were up in the range of 1% to 2%.