TCS stock among top intraday gainers; up 3% ahead of Rs 18000 cr buyback which opens on Wednesday
The buyback will be launched on Wednesday March 9, 2022, the company had said in its filling to exchanges. The shares of this large cap IT heavyweight jumped 3 per cent to touch day’s high level of Rs 3589.05 per share on the BSE.
IT bellwether Tata Consultancy Limited (TCS) shares were trading with strength on Tuesday and were among the top Nifty50 shares on the intraday basis. The build-up in this stock was seen ahead of the buyback which opens on Wednesday.
At around 11:27 am, the shares of TCS were trading up almost around 2.5 per cent up to Rs 3570.3 per share on the BSE. It was despite a lacklustre show by the overall markets and underperformance of the Sensex which was down 0.4 per cent.
See Zee Business Live TV Streaming Below:
The counter has outperformed the benchmark in year-to-date, as it fell nearly 6.5 per cent versus over 11 per cent decline in BSE Sensex.
The buyback will be launched on Wednesday March 9, 2022, the company had said in its filling to exchanges. The shares of this large cap IT heavyweight jumped 3 per cent to touch day’s high level of Rs 3589.05 per share on the BSE.
TCS buyback is worth Rs 18,000 crore and will close on March 23. It was announced on February 12, 2022. The company is expected to buyback 4 crore shares at Rs 4,500 apiece.
The IT giant has fixed April 1, 2022 as the last date for settlement of bids on stock exchanges which may even happen earlier, according to a BSE filing.
Total number of shares to be bought back are 400,00,000 shares out of total 3,69,90,51,373 shares at a price of Rs.4,500 per share, implying an overall 1.08 per cent shares approximately.
The company said, “Out of which 15 per cent is reserved for small shareholders holding less than worth Rs 2 lakh share as on “Record Date”.
As per shareholding data of annual report 2021, individual investors qualifying above criteria held approximately 2,23,00,258 shares, implying an acceptance ratio of around 26.9 per cent for retail investors.
The stock is a top gainer intraday during Tuesday’s session on Nifty50. Domestic brokerage firm Motilal Oswal sees an upside of 21 per cent to Rs 4250 per share, with support of Rs 3525 apiece.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 1777-day FD vs HDFC Bank 55-month FD: What will be maturity amounts for general and senior citizens on Rs 6 lakh and Rs 12 lakh investments?
SBI Guaranteed Return Scheme: Know what State Bank of India is offering to senior citizens and others on 1-yr, 3-yr and 5-yr fixed deposits
Know Your Gratuity: Rs 41,000 as last-drawn basic salary and 6 years and 8 months of service; what will be gratuity?
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Sukanya Samriddhi Yojana vs PPF: Rs 1 lakh/year investment for 15 years; which can create larger corpus on maturity?
12:09 PM IST