TCS to consider share buyback on October 11; Details here
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.
Investors are likely to parse results and commentary of IT firms for signs of recovery in deal signings in fiscal 2025 following a "washout" year, J.P.Morgan analysts said on Wednesday. TCS shares closed 0.87% higher at ₹3620.20 per share on BSE on Friday.
Its share value has improved by 11.03 per cent YTD and by 16.60 per cent in last one year. Also Read: Mcap of five of top 10 most valued firms tumble ₹62,586 crore; TCS, Infosys biggest laggards The IT major's profit increased by 16.8 per cent to ₹11,120 crore in Q1 FY24 against ₹9,519 crore it reported in the corresponding period last year.
Despite an improved performance on an annual basis, TCS witnessed a sequential decline in its profit of 2.7 per cent from ₹11,436 crore in Q4 FY23. During last quarter, TCS also declared an interim dividend of ₹9 per equity share of ₹1 each.
Despite an impressive performance, the company continued to face macroeconomic uncertainties. TCS CEO K Krithivasan had admitted that the softness in geographies like North America continues to remain in the first quarter of FY 24 as
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