Tata Consultancy Services (TCS), India's largest IT giant, saw its stock rise more than 3 percent on Monday after the company announced that its board of directors will discuss share buyback plan at a meeting set for January 12. TCS stockd opened Monday's trading session at Rs 3974, up 3.09 percent from the previous session's closing of Rs 3854.85. In the morning trade, TCS hit a high of Rs 3979.90.
Durign mid-noon session, TCS's stock was trading at Rs 3,893.35 on the National Stock Exchange (NSE), up Rs 39.85 or 1.03 percent from its previous session's close of Rs 3,853.50. Following the announcement of the share buyback programme, the stock price of India's largest IT firm soared on Monday.
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"This is to inform you that at its meeting on January 12, 2022, the Board of Directors will consider a proposal for buyback of equity shares of the Company," TCS said in a regulatory filing to the stock exchanges on Friday. After the close of trading on Friday, the Company announced the share buyback plan. Monday was the first trading session after TCS’s Buyback announcement.