Shares of Tata Consultancy Services (TCS) surged over 3% on the Bombay Stock Exchange (BSE) in Monday’s early deals after the company announced that its board will consider share buyback proposal along with its Q3 earnings at a meeting that is scheduled to be held this week on Wednesday, January 12.
“..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,” TCS said in a filing on Friday. India’s largest IT service provider’s board will also consider declaration of third interim dividend to the equity shareholders during the board meeting.
TCS said the third interim dividend, if declared, will be paid to the equity shareholders of the company whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on Thursday, January 20, 2022, which is the record date fixed for the purpose.
Brokerage house Edelweiss in a note on preview of IT sector results for the third quarter said that it believes the key thing to look out of this quarter is the update on demand, attrition, sub-contracting expenses and client budget commentary for the next year. Typically, Q3 is a relatively low-growth quarter due to higher furloughs; this quarter, seasonal furloughs would be lower due to strong demand, it added.
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