TCS up 3 per cent on share buyback plan
New Delhi: The scrip of Tata Consultancy Services (TCS) rose nearly 3 per cent today on the company's plan to buy back shares at its board meeting later this week.
Shares of the company opened the day on a positive note and later gained 2.75 per cent to Rs 1,830 as the trade progressed on BSE.
At NSE, shares of the IT major climbed 2.24 per cent to Rs 1,821. "...the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on June 15, 2018," TCS said in a BSE filing late last night.
The Mumbai-based company however did not disclose any further details about the buyback proposal.
Share buybacks typically improve earnings per share and return surplus cash to shareholders, while also supporting share price during period of sluggish market condition.