TCS will buy back shares worth ₹18,000 crore for a price up to ₹4,500 apiece
TCShas announced share buyback at ₹4,500 per share, which is nearly 17% more from previous close price.
- It added 10 new clients in the December quarter that has revenue potential of $100 million for the software exporter.
- The IT giant reported revenue on quarter growth of 4.5% in constant currency.
AdvertisementTata Consultancy Services (TCS) said that it would buy back shares worth ₹18,000 crore. It will offer a price of up to ₹4,500 a share. That’s a premium of nearly 17% to the closing price on Wednesday (January 12).
TCS revealed its share buyback plan along with reporting a 4.5% growth in revenue in constant currency terms. This is comparable to Infosys (7%) and Wipro (3%) in the same period.
Since companies like Wipro, TCS, and Infosys export software, and earn in dollars, pounds or euros, they report growth in constant currency terms, which is adjusted for foreign exchange fluctuations.
TCS added 10 new clients whose annual revenue potential is $100 million or more in a year for the company. “Quote on deals”
“Overall we don’t have a specific preference of small deal, medium deal or large deal. We participate across the board and stay continuously engaged across the full spectrum. Very large deals like $500 million or billion dollar deals, they by nature are few and far between. More importantly, they take a long time to mature and are unpredictable in terms of when they will close. There are a few in the pipeline but we can't tell as to when they will come through,” said Rajesh Gopinathan, chief executive officer and managing director at TCS.
The largest Indian IT firm has reported 12% on year growth in net profit of ₹9,769 crore in the December quarter. The company has also announced a dividend of ₹7 per share to investors.
SEE ALSO: TCS completes its fresher hiring target three months ahead of schedule but it’s not done yet
The attrition at Infosys is worse than that at Wipro, Salil Parekh has increased hiring plan by 10,000
Popular on BI
- Budget to aid flagging affordable home segment, boosts demand with infra push
- BYJU's slashes over 1,000 jobs, mostly from its engineering teams
- Budget 2023-24: Positive for infra and credit growth
- Budget 2023-24: Continued focus on infra to enable growth, create jobs & enhance quality of life
- Budget 2023 proposes 20% TCS on foreign expenses under LRS