TCS announced Share Buyback at Rs 4,500 Per Share
News Synopsis
Tata Consultancy Services (TCS) announced that the company is planning to buy back its shares worth Rs 18,000 crore at a cost of Rs 4,500 per share. The company reported the share buy-back plan with a 4.5% growth in its revenue in constant currency terms.
The CEO and Managing Director at TCS, Rajesh Gopinathan has said that there are no specifications on the preference of small deal, medium deal, or large deal. He also said that very large deals such as %500 million or billion deals are few and take a long time to mature. These deals are also unpredictable in terms of when they will close.
TCS also added 10 new clients with an annual revenue potential of $100 million or more in a year for the company. The company has also reported a 12% growth in net profit and has announced a dividend of Rs 7 per share to its investors.
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