TCS Q2 Net Profit Rises by 4.9% at Rs 8,433 Crore, Announces Rs 16,000 Crore Buyback Plan

The filing said the Board has approved a buyback plan of up to Rs 16,000 crore, priced at Rs 3,000 per equity share. This is 9 per cent higher than the closing price of TCS shares on BSE on Wednesday. TCS shares closed at Rs 2,737.4 apiece on Wednesday.

”The Board has approved a proposal to buy back up to 5,33,33,333 equity shares of TCS, being 1.42 per cent of the total paid-up equity share capital, at Rs 3,000 per equity share for an aggregate amount not exceeding Rs 16,000 crore…,” it said. The company has also announced an interim dividend of Rs 12 per share.

”The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future,” TCS CEO and Managing Director Rajesh Gopinathan said.