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TCS Buyback 2023 Announced: Company Unveils 5th Share Buyback In 6 Years, Announces Q2 Earnings

Despite a challenging business environment, the company posted a net profit of Rs 11,342 crore for the third quarter of the current fiscal year

TCS Buyback 2023 Announced: Company Unveils 5th Share Buyback In 6 Years, Announces Q2 Earnings File Photo

New Delhi: Tata Consultancy Services (TCS) acknowledged investors with the fifth share buyback in the last six years along with the presentation of its second-quarter earnings on October 11.

Subject to shareholder approval, the firm board has authorized a repurchase for a maximum total of Rs 17,000 crore, or 1.12 percent of the entire paid-up equity share capital, at a price of Rs 4,150 per equity share. (Also Read: 

A maximum of 4,09,63,855 shares, or 1.12 percent of the total stock, may be purchased by the IT behemoth. It's vital to remember that the buyback amount given does not include transaction fees, taxes, and other ancillary costs.

Despite a challenging business environment, the company posted a net profit of Rs 11,342 crore for the third quarter of the current fiscal year, supported by a robust order book, particularly in the BFSI market.

What Is Share Buyback?

During a share buyback, a firm buys back shares from its shareholders, typically at a higher price than the market rate, providing investors the chance to wholly or partially sell their shares at a profit. A repurchase expresses management's belief in the company's operations.

 

TCS Buyback: Previous Buyback

Prior to this, TCS repurchased its stock in the years 2017, 2018, 2020, and 2022. The IT giant, with a market cap of over Rs 13 lakh crore, has acquired back shares worth Rs 66,000 crore over the past six years.

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