{"id":82807,"date":"2018-06-15T06:15:52","date_gmt":"2018-06-15T06:15:52","guid":{"rendered":"http:\/\/www.bnreport.com\/tcs-rides-on-share-buyback-buzz-stock-jumps\/"},"modified":"2018-06-15T06:15:52","modified_gmt":"2018-06-15T06:15:52","slug":"tcs-rides-on-share-buyback-buzz-stock-jumps","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tcs-rides-on-share-buyback-buzz-stock-jumps\/","title":{"rendered":"TCS rides on share buyback buzz, stock jumps"},"content":{"rendered":"

NEW DELHI: The buzz surrounding share buyback rubbed off on TCS<\/a> today as the stock jumped over 1 per cent. <\/p>\n

Its board is due to meet later in the day. India's largest IT major is expected to lay out details of a buyback proposal for its shareholders. <\/p>\n

Analysts are expecting the buyback size to be at that same level as the one in 2017. The board had announced a Rs 16,000-crore share repurchase programme last year. In April, the company followed up with an issue of bonus shares. <\/p>\n

The stock rose 1.04 per cent to hit a high of Rs 1,810.90 on the BSE today. <\/p>\n

\u201cWe see a high probability of the quantum of buyback, this year being at least at the same level as in FY18 or Rs 16,000 crore. If the buyback is done at Rs 1,800, TCS would be able to buy back 2.32 per cent of its outstanding shares,\u201d Urmil Shah, analyst with IDBI Capital, told ET. <\/p>\n

Shah added that he had factored in a payout of Rs 23,900 crore for FY19, in line with the TCS outlook of a payout of 80-100 per cent of free cash flow. <\/p>\n

The company, in a filing on June 13, had informed the exchanges the meeting of its board to consider the buyback programme. <\/p>\n

Indian IT companies last year bought back shares in a bid to return excess cash to shareholders. <\/p>\n

Similarly, Infosys<\/a> and Wipro<\/a> had also come out with buyback offers of Rs 13,000 crore and Rs 11,000 crore, respectively, last year. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

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