country’s most Investors investing in the shares of big software company Tata Consultancy Services (TCS) are in panic. Actually, the company has announced today that it will buyback shares worth Rs 17,000 crore at a price of Rs 4,150 per share. The buyback price is at about a 15 percent premium to the current price. Today the stock closed 0.44 percent lower at Rs 3,613. The company will buy a total of 4,09,63,855 shares. The buyback size does not include transaction costs, applicable taxes and other incidental and related expenses. This is the fifth share buyback by India’s largest information technology services company in the last six years. The company had earlier bought shares worth Rs 66,000 crore four times.
Second quarter net profit increased by 8.7% to Rs 11,342 crore
The net profit of the country’s largest software company Tata Consultancy Services (TCS) for the July-September quarter of the current financial year (2023-24) has increased by 8.7 percent on an annual basis to Rs 11,342 crore. The Tata Group flagship company had earned a net profit of Rs 10,431 crore in the second quarter of the last financial year.
The company on Wednesday said its operating income rose 7.9 per cent year-on-year to Rs 59,692 crore in the quarter under review, from Rs 55,309 crore in the year-ago quarter. Tata Consultancy Services’ operating profit increased by 9.1 per cent to Rs 14,483 crore in the quarter under review, while operating margin (profit) increased by 0.25 per cent to 24.3 per cent.
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