By Malvika Gurung
Investing.com — The country’s biggest IT corporation Tata Consultancy (NS:) Providers announced the approval of a buyback system on Wednesday, value about Rs 18,000 crore. The corporation approved to get again up to 4 crore shares, priced at Rs 4,500 apiece, subject to approval from shareholders.
This is the fourth and the most important share buyback by TCS in the earlier 5 decades. In 2021, the IT heavyweight returned Rs 16,000 crore to shareholders, buying back again about 5.3 crore shares of the company priced at Rs 3,000 apiece.
It performed very similar share buybacks in 2017 and 2018 much too. In the past three buybacks, the enterprise has returned a overall of Rs 48,000 crore to its shareholders.
The corporation extra that the public announcement placing out the process, timelines, and other requisite aspects will be unveiled in because of system, as for every the buyback restrictions.
Other than, TCS claimed a 12.2% rise in net gain at Rs 9,769 crore in the Dec-ending quarter, amid balanced earnings progress, soaring 4.3% to Rs 48,885 crore on a QoQ foundation, and 6.3% YoY.
The IT big documented its highest Q3 progress in the earlier 5 a long time and extra 10 new consumers below the around $100 million basket, totalling 58 now.