TCS buyback 2023: Should you tender your shares as record date falls next week?
TCS buyback 2023: Date for finalising list of eligible shareholders of Tata Consultancy Services (TCS) for buyback of shares has been fixed on 25th November 2023. The Indian IT major has informed Indian stock market bourses that it has fixed 25th November 2023 as TCS buyback record date. The IT giant also informed that TCS buyback record date has been fixed on ex-date basis, which means TCS shares would trade ex-buyback on 24th November 2023 i.e.
on Friday next week. So, a TCS shareholder buying TCS shares till 24th November 2023 and holding it on 25th November 2023 will be eligible to tender TCS shares in this ₹17,000 crore buyback offer by the Tata group company. According to stock market experts, IT companies are expected to report sluggish numbers in next few quarters due to economic challenges in the US and European countries.
As TCS gets good amount of its business from the US and European countries, it is expected to report weak numbers in upcoming few quarters. So, short term investors have a good opportunity to tender TCS shares in this buyback offer, which has been made available at a price of ₹4,150 per share levels. Advising short term investors to 'tender' shares in upcoming TCS buyback offer, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "TCS gets good amount of its business from the US and European countries.
After Moody's downgraded US credit rating from stable to negative, the US economy has come under the challenge once again. Recently announced US inflation data, weakness in the US dollar, jobless claim data, etc. signals gloomy picture of the developed nations.
Read more on livemint.com
