TCS Sets Record Date For Buyback Of Shares As November 28; Stock Gains 2%

Tata Consultancy Services (TCS) shares: On October 7, the TCS board had approved buyback of around 53.3 million shares at Rs 3,000 per share, amounting to Rs 16,000 crore.

TCS Sets Record Date For Buyback Of Shares As November 28; Stock Gains 2%

TCS' rival Wipro has also announced a Rs 9,500-crore share buyback plan at Rs 400 per share.

Tata Consultancy Services (TCS) shares gained more than were up 2 per cent on the BSE in the early morning trading after the company fixed November 28, 2020, as the record date for determining the entitlement and names of the shareholders eligible to participate in its share buyback programme. A record date is a cut-off date decided by a company to determine shareholders that are eligible to participate in a share buyback. The shares of TCS touched an intra-day high of Rs 2,678.60, up 2 per cent, on the BSE in early trading. At 12:45 pm, TCS shares were trading at Rs 2,645.55, up 0.75 per cent 

"The company has fixed Saturday, November 28, 2020, as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback," the company said in a regulatory filing.

On October 7, the TCS board had approved buyback of around 53.3 million shares at Rs 3,000 per share, amounting to Rs 16,000 crore.

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TCS' rival Wipro has also announced a Rs 9,500-crore share buyback plan at Rs 400 per share.

The BSE Sensex was at 44,195, higher by 21 points and the NSE Nifty was at 12,954.55, up 16.40 points at the time.