Mumbai, October 7: Marking a recovery amidst the ongoing COVID-19 pandemic, the Tata Consultancy Services (TCS) recorded a surge in profit vis-a-vis the last quarter. The disclosure was made by the company in the regulatory filings on Wednesday. The official statement also claimed that shares worth Rs 16,000 crore would be bought back. Tata Consultancy Services Opens National Qualifier Test to Corporates For Fresher Recruitment Programmes.
As per the buyback plan, TCS would re-own nearly 5.33 crore shares of the company. The shareholders would be paid Rs 3,000 apiece, the largest software services firm of India announced.
TCS Board Approves Rs 16,000 Crore Buyback
#BreakingNews | TCS board approves share buyback up to Rs 16,000 cr at Rs 3,000/share
Alert: TCS buyback price of Rs 3,000/sh is at 9% premium to the CMP pic.twitter.com/CjYaF7wKMl
— CNBC-TV18 (@CNBCTV18Live) October 7, 2020
The buyback plan was unveiled along with a significant recovery in the second quarter of fiscal 2020-21. The Q2 results showed the company clocking a profit of Rs 7,475 crore, marking a 6.6 percent increase as compared to the previous quarter.
Year-on-year, however, a revenue dip of 7.05 percent was reported as the same July-September quarter in year 2019 had yielded a profit of Rs 8,042 crore to the company. The numbers are still being viewed positively as a recovery vis-a-vis the past quarter indicates that the company is wading steadily through the pandemic.