Buyback Financial News

Wednesday, October 11th, 2023 – New top meme coin Wall Street Meme’s has completed a one million $WSM buyback, pushing the price up 32% to $0.048 as it launches a community ‘short squeeze’ campaign reminiscent of the GameStop meme stocks phenomenon.

In response to the recent regulatory challenges faced by Bitfinex, iFinex Inc., the Hong Kong-based parent company, is set to repurchase shares worth $150 million from its shareholders, constituting approximately 9% of the company's total outstanding capital. This move, reported by Bloomberg on October 10, aims to provide iFinex with greater control over its private dealings and streamline its ownership structure.

Bitfinex's parent company iFinex has proposed to buy back $150 million worth of the company’s shares from users who were offered these shares as part of compensation for the $71 million hack on the Bitfinex crypto exchange in 2016, reported Bloomberg.

TCS share price: Shares of Tata Consultancy Services (TCS) have been in uptrend since early morning deals. TCS shares price today opened upside and went on to hit intraday high of ₹3,650 apiece on NSE, logging near one per cent intraday gain in near one hour of stock market's opening bell.

Tata Consultancy Services (TCS) will announce its second-quarter earnings after market hours on Wednesday. While the performance scorecard will be closely watched, investor interest will be more in the share buyback program. On October 6, the software major said that its board of directors will consider and approve a plan to buy back shares of the company. Following the news, the stock hit an 18-month high of Rs 3,679 the next day.

TCS buyback 2023: Indian IT major Tata Consultancy Services (TCS) is going to declare its Q2 results 2023 today. However, market would be eagerly awaiting about the outcome of its board meeting in regard to buyback of shares as IT behemoth has declared that its board of directors would consider and approve share buyback in its boar meeting scheduled on 11th October 2023.

TCS Q2 Results Live: Tata Consultancy Services (TCS) will announce its July-September quarter results for fiscal 2023-24 (Q2FY24) today, October 11. D-Street analysts widely expect India's largest software service exporter to report single-digit growth in terms of revenue and profit over global economic triggers that continues to weigh on the information technology (IT) sector.

Also Read: Earnings preview: Indian IT firms to report soft numbers in Q2FY24; revenue, profit likely to be muted As far as TCS is concerned, the IT major is expected to deliver 0.5% revenue growth in constant currency terms and 0.3% USD growth, on a sequential basis. The brokerage expects TCS to report total revenue of ₹59,904.6 crore in Q2FY24 as compared to ₹59,381 crore in the June quarter. In USD terms, the company is likely to post revenue of $7,246 million as against $7,226 million, QoQ.

TCS share price: After announcement of proposal for buyback of shares on 11th October 2023 board meeting, shares of Tata Consultancy Services (TCS) witnessed strong buying interest during morning deals on Monday. TCS share price today opened upside and went on to hit intraday high of ₹3,679 per share on NSE, which is its new 52-week high as well.

₹18,000-crore share buyback program last year, under which it bought back four crore shares at ₹4,500 each. In FY23, TCS returned ₹42,079 crore or 108.2% of its free cash flow to shareholders through dividends. Parent company Tata Sons, which owns 72.3% of TCS, has emerged as the biggest beneficiary of the generous dividend and share buyback programs over the last three years.

Tata Consultancy Services said on Friday that the board of directors will consider a buyback of equity shares during the meeting on October 11. The quantum of buyback was not disclosed. The company has a board meeting on October 11 to consider the second quarter results for the ongoing fiscal.

Also Read: India's bond yield posts biggest single-day jump in 17 months; What's fuelling the rise? “Pursuant to Regulation 29(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on October 11, 2023," TCS said in its BSE filing on Friday. Also Read: Sunita Tools IPO allotment finalised; here’s how to check IPO allotment status The buyback comes at a time Indian IT services companies are grappling with an uncertain demand environment, especially in the U.S., a key market for the sector.

SAT) has set aside the Securities and Exchange Board of India's order against Cairn India, now part of Vedanta Ltd, over alleged violation of buyback rules. The tribunal set aside a fine of ₹5.25 crore imposed on Cairn India for allegedly making a misleading public announcement of the buyback of shares on January 14, 2014. «The company could not have foreseen or predicted that the stock markets would witness this bullish trend at the time when the decision for going for a buyback was taken nor could the company be aware at the time of making the public announcement that the traded price of the scrip would be above the maximum buyback price on 68 days out of 123 trading days,» SAT said in its order on Thursday. It also set aside a penalty of ₹15 lakh each Sebi had imposed on P Elango, then CEO and a director of Cairn, and two other directors: Aman Mehta and Neerja Sharma.

₹5 crore for making ‘misleading’ announcements about its buyback offer. A bench led by Justice Tarun Agarwala said, “The appeal is allowed and the order of the Sebi’s adjudicating officer is set aside" Sebi fined the company for supposed violations of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. Additionally, it fined the company another ₹25 lakh for violating its buyback rules.

(Reuters) -Imperial Brands said on Thursday trading for the year was in line with its expectations and reaffirmed its forecast, on the back of sustained demand, higher prices and strong adoption of tobacco alternatives such as e-cigarettes.

Duncan MacInnes (pictured) manages the Ruffer Investment Company portfolio alongside Jasmine Yeo.

According to data from the Association of Investment Companies, the trust, which invests in a portfolio of life science companies and holds £1.2bn in assets, is currently trading at a 40% discount.

₹65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares back in 2003 and directed the market regulator to refund the deposited penalty amount within four weeks. The appeal was filed against the Sebi's order passed in November, 2018 imposing a penalty of ₹65 lakh on Apollo Tyres for violation of buyback norms.

The closing date is expected to be 17 October 2023, with strike price announced on 18 October and settlement on 26 October.

Third Point Investors’ NAV fell by 3.8% in the six months to June, compared to a 15.4% gain for the MSCI World index and a 16.9% rise for the S&P 500 index.

share buyback of engineering and infrastructure conglomerate Larsen & Toubro (L&T) opens today. Investors can tender their L&T shares in the ₹10,000 crore worth L&T share buyback till September 25. L&T had earlier announced that the buyback will be done via the tender offer route, wherein the shareholders will tender shares at a particular price.