Tata Consultancy Services (TCS) will announce its April-June quarter results today.
Tata Consultancy Services (TCS) will announce its April-June quarter results today. Ahead of the Q1 results declaration, the IT major's shares were trading flat. At 1:49 PM, the stock price was down by -5.80 (-0.31%). Market experts are expecting that the Mumbai-based firm will post a stron Q1 results over the recent achivements. Many believes, TCS might become the best performer in IT sector, in Q1.
In the morning, TCS shares rose 0.65% to Rs 1,900.
It was also reported recently that the market valuation of Tata Consultancy Services (TCS) soared by Rs 25,306.88 crore to Rs 7,32,521.29 crore.
Earlier in June, TCS informed its board has approved share buyback of up to Rs 16,000 crore.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
"...Board of Directors of the company at its meeting held today...has approved a proposal to buyback up to 7.61 crore equity shares...of the company for an aggregate amount not exceeding Rs 16,000 crore...," TCS said in a regulatory filing.
During its Q4 FY2018 earnings call, TCS CEO Rajesh Gopinathan had said the company's intention is "to keep capital return close to 80-100 per cent of annual free cash flow".
Earlier, Tata Group's software firm TCS was planning to distribute 80-100% of its free reserves and cash to its shareholders each year.
The company was consolidating its cash reserves of $7.1 billion (Rs 48,000 crore) in short and long-tenure securities, a Bloomberg report said.
This is being done keeping in mind the need for easy liquidity with safety as it looks to make significant payouts to shareholders each year. According to the annual report of the Tata Consultancy Services (TCS), 53% of its reserves are in government securities while rest of it is spread over deposits, mutual funds and corporate paper.
As per the company's annual report, TCS had a consolidated total income of Rs 1,26,746 crore in FY2017-18, while its profit for the fiscal was at Rs 25,880 crore. A crown jewel of the salt-to-software services conglomerate Tata Group.
TCS has a workforce of about 3.94 lakh people.
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 "TCS to announce Q1 results today: What you need to know")
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