TCS to consider share buyback proposal on January 12

The last buyback of the company, worth Rs 16,000 crore, was opened on December 18, 2020 and closed on January 1, 2021.

India's largest IT services company Tata Consultancy Services (TCS) on January 7 announced that its board of directors will consider the share buyback proposal on January 12. The software services major is already set to release its Q3FY21 (October-December period) results. that day.

The company's last buyback of Rs 16,000 crore was opened on December 18, 2020 and closed on January 1, 2021.

"In terms of Regulation 29(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, you are informed that the Board of Directors will consider the proposal for buyback of equity shares of the Company due on January 12, 2022. meeting," TCS said in a stock exchange filing.

In addition, TCS will also consider declaration of third interim dividend to equity shareholders during the board meeting.

This will be the fourth buyback of the IT giant. Earlier, TCS has done three buybacks in its history in 2017, 2018 and 2020. Interestingly, all the three buybacks have been worth Rs 16,000 crore.

India's largest IT firm had reported consolidated net profit of Rs 9,624 crore for the quarter ended September 2021 (Q2FY22), registering a 14.1 per cent year-on-year (YoY) growth driven by broad-based demand and flexible margins. does. Profit was also driven by other income which grew 21.6 percent year-on-year (54.1 percent QoQ).

Along with TCS, Infosys and HCL Technologies are also scheduled to release their Q3 report cards on January 12.

Meanwhile, TCS shares closed 1.35 per cent higher at Rs 3,858.90 on the NSE on January 7.