TCS stock nears record high ahead of share buyback, Q3 earnings

Tata Consultancy Services (TCS) stock approached its record high today after the  IT firm announced that its board may consider a proposal for buyback of shares on January 12, 2022. TCS stock opened with a gain of 3.09% at Rs 3,974 against previous close of Rs 3,854.85 on BSE.

The large cap stock touched an intraday high of Rs 3,979.9, rising 3.24% on BSE.  TCS share hit record high of Rs 3,990 on October 8, 2021 and a 52 week low of Rs 2,701 on February 24, 2021.

TCS stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The IT share has gained 24.51% in one year and risen 3.97% since the beginning of this year. In a month, the share has rallied 6.84%. Total two lakh shares of the firm changed hands amounting to a turnover of Rs 77.88 crore.

Market cap of the firm rose to Rs 14.38 lakh crore on BSE. Meanwhile, BSE IT index was trading 1.32% or 490 points higher at 37,747 in afternoon trade.

The IT giant last week said, "Pursuant to Regulation 29(1 )(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on January 12, 2022."

No other details of the buyback proposal were disclosed. The board on January 12 will also consider and approve and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.

TCS board is also likely to consider declaration of third interim dividend to the equity shareholders, the company said in a regulatory filing.

The third interim dividend, if declared, shall be paid on January 20, 2022 which is the Record Date fixed for the purpose, it further said.