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To consider share buyback in board meeting on October 11 - Best Business Review Site 2024

To consider share buyback in board meeting on October 11

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IT services firm Tata Consultancy Services announced on Friday that it will consider a share buyback when the company’s board meets next week to approve its second-quarter financial results.


In a regulatory filing, the company stated, “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 October 11, 2023.”


TCS, India’s largest IT services firm, did not disclose the quantum of the buyback it was considering. It had last bought back shares worth Rs 16,000 crore.


This announcement comes at a time when IT companies are struggling to maintain healthy revenue growth.

Also Read: As business from West takes a hit, Indian IT firms explore African market


In a recent note, JP Morgan analysts stated that Indian IT firms are set for a washout year. “We remain negative on the sector as we haven’t seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter,” analysts Ankur Rudra and Bhavik Mehta said in a note on Wednesday.


All major IT firms, including Infosys, TCS, Wipro, and HCLTech, have previously warned that clients, the majority of whom are US-based, have been reducing their IT spending, delaying and even cancelling contracts, due to slowing economic growth and fears of higher-for-longer interest rates.


“Investors have assumed financial year 24 is a washout and have shifted focus to financial year 25, hoping for a rebound,” the analysts noted, adding that this explains the Nifty IT index outperforming the blue-chip Nifty 50 over the past three months.


JP Morgan anticipates high single-digit earnings growth, in percentage terms, for large-cap IT companies in financial year 2025, while market expectations are for double-digit growth.


On Friday, TCS closed 0.87 per cent in the green at Rs 3,620.20 apiece at BSE.

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