Tata Consultancy Services share on Thursday gained over 2% on approval of buyback by shareholders of the IT company. The stock has risen after 2 days of consecutive fall.
The IT major in a filing to BSE said board members have approved the buyback by passing a special resolution through postal ballot.
Following the update, TCS stock price rose 2.01% to the intraday high of Rs 2678.6 as against the last closing of Rs 2625.90. Stock price of TCS also touched an intraday low of Rs 2630, also its opening value.
Tata Consultancy Services share price trades higher than 50, 100, and 200-day moving averages but lower than 5 and 20-day moving averages. TCS Stock has gained after 2 days of consecutive fall.
Market capitalization of the firm stood at Rs 9,91,661.47 crore as of today's session.
Tata Consultancy Services stock has risen 22% since the beginning of the year. However, the share price of the IT major has fallen 1% in one week and 2% in one month.
"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 filing said.
India's largest IT services firm on October 7 announced its Rs 16,000-crore share buyback plan. The board had approved a proposal to buy back up to 5,33,33,333 equity shares, amounting to 1.42% of the total paid-up equity share capital, at Rs 3,000 per equity share for an aggregate amount not exceeding Rs 16,000 crore.