TCS up 4% as Board clears buyback; adds Rs 19,379 cr to mcap

The TCS scrip today jumped 4 per

cent, adding Rs 19,379 crore to its market valuation, after

the company said its Board has approved a share buyback plan

of up to Rs 16,000 crore.

The stock rose by 4.08 per cent to end at Rs 2,506.50 on

BSE. During the day, it had gained 6 per cent to Rs 2,555.

On NSE, shares of the company went up by 3.91 per cent to

close the day at Rs 2,502.20.

Led by the sharp gain in the stock, the market valuation

of the country's largest software services firm surged Rs

19,379.76 crore to Rs 4,93,887.76 crore.

On the volume front, 1.98 lakh shares of TCS were traded

on BSE and over 19 lakh shares changed hands at NSE during the

day.

The Tata Group company said the proposed shares represent

2.85 per cent of the total paid up equity share capital at Rs

2,850 per equity share.

"Tata Consultancy Services (TCS) Board of Directors has

approved a proposal to buyback up to 5.61 crore equity shares

of the company for an aggregate amount not exceeding Rs 16,000

crore," TCS said in a BSE filing.

The buyback is proposed to be made from the shareholders

of the company on a proportionate basis under the tender offer

route using the stock exchange mechanism, it added.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)