Shares of HCL Technologies rose 1.86% on Tuesday after the company said its board would meet on July 12 to consider a share buyback. The HCL stock ended Tuesday\u2019s session at Rs 979.10, up 17.85 points. HCL\u2019s announcement had come after market hours on Monday. Last month the board of TCS approved a Rs 16,000-crore share buyback. Like TCS, HCL completed a buyback in 2017. HCL repurchased shares worth Rs 3,500 crore in 2017. The company has a cash and cash equivalents of Rs 9,770.35 crore as on March 2018, data sourced from Bloomberg revealed. The promoters held 60.18% as on March 2018. HCL's stock rose by 9.9% since the beginning of 2018. Analysts are bullish on the stock. Out of 49 analysts who track the inventory on Bloomberg, 31 have a \u2018buy\u2019 rating; 12 have a \u2018sell\u2019 rating while six have a \u2018hold.\u2019 \u201cAmong the large caps it is the cheapest stock on FY 20 earnings, and second while it will be a combination of organic and inorganic growth it should still grow the fastest in FY 19,\u201d said Urmil Shah Research Analyst and associate vice president, IDBI Capital. In FY18, cash-rich IT companies, which returned their surpluses to shareholders through share repurchases, pushed buyback offers to a 20-year high. In FY18, 59 companies completed their share repurchase offers worth Rs 53,306.94 crore. Of this buyback offers by seven IT services companies accounted for Rs 44,984 crore or 84% of the total sum. Apart from TCS and HCL, Wipro completed its buyback worth Rs 11,000 crore on December 2017. Infosys, Mphasis, Nucleus Software, and Mindtree are the other IT companies which bought back shares in FY18.