Share price of Tata Consultancy Services (TCS), India’s largest IT firm, surged over three per cent after the company announced that its board will consider buyback of shares at a meeting scheduled to be held on January 12.
TCS started the trading on Monday at Rs 3974, which is 3.09 per cent higher from its previous session’s close at Rs 3854.85. TCS surged to a high of Rs 3979.90 in the morning trade.
At around 11.35 am on the Bombay Stock Exchange (BSE) the share of TCS was trading at Rs 3884.55, which is Rs 29.70 or 0.77 per cent higher from its previous session’s close at Rs 3854.85.
Share price of India’s largest IT firm surged on Monday after the announcement of buyback proposal.
“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 January 12, 2022,” TCS said in a regulatory filing to the stock exchanges on Friday.
The company had made the share buyback proposal announcement after the closing of trade on Friday. Monday was the first trading session after the company’s announcement.