TCS share buyback: IT bellwether to buy back 4.09 crore equity shares at Rs 4,150 apiece

TCS share buyback: Tata Consultancy Services (TCS) on Wednesday, October 11, announced that it will buy back around 4.09 crore equity shares, along with the announcement of its September quarter results (Q2FY24).

In its regulatory filing, the company said, "The Board of Directors at its meeting held on October 11, 2023, has approved a proposal to buy back upto 74,09,63,855 equity shares of the Company for an aggregate amount not exceeding 17,000 crore being 1.12 per cent of the total paid-up equity share capital at 74,150 per equity share subject to approval from shareholders."

The Tata Group IT giant reported a 2.4 per cent sequential increase in consolidated net profit to Rs 11,342 crore for the quarter ended September 30, 2023. Tata Consultancy Services' revenue grew 0.5 per cent to Rs 59,692 crore. While the software exporter's top line stood almost in line with analysts' estimates, its bottom line was short of their expectations. READ MORE

The company also announced an interim dividend of Rs 9 per equity share.

TCS said its order book for the July-September period stood at $11.2 billion - higher than the $8.1 billion worth of deals it signed a year ago.

The company is the first among its peers to report quarterly results, setting the tone for an industry worth $245 billion that is staring at an uncertain demand environment in the US and Europe, its key markets.

Shares of the company ended at Rs 3,610.20, down 0.52 per cent on the BSE today.

With inputs from Reuters

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