TCS share buyback: India's largest IT company TCS (Tata Consultancy Services) will be pondering a share buyback plan later this week in the board meeting. Earlier last year in May, TCS announced the largest buyback offer ever made by any company in India amounting Rs 16,000 crore.
TCS share buyback: India’s largest IT company TCS (Tata Consultancy Services) will be pondering a share buyback plan later this week in the board meeting. Earlier last year in May, TCS announced the largest buyback offer ever made by any company in India amounting Rs 16,000 crore. The board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on 15 June 2018, TCS said in a late-night exchange filing on 12 June 2018. TCS has not released the details of buyback program yet.
Following the development, TCS share price jumped 2.75% to a day’s high of Rs 1,830 on BSE while the stock zoomed 2.25% to a day’s top of Rs 1,821 on NSE on Wednesday. Relatively normal trading volumes were seen in TCS shares on Wednesday while the stock emerged as the second-highest in terms of turnover on NSE today. Up until 12:00 pm, more than Rs 49.9 crore worth of equity shares exchanged hands on NSE alone with a trading volume of 27.5 lakhs.
TCS share price target
The domestic research and brokerage firm Motilal Oswal Securities has given a trading call with a target price of Rs 1,830 and a stop loss of Rs 1,745 per equity share. “The stock has been making higher highs – higher lows from last four trading sessions and building its momentum to surpass previous swing high of 1837 zones. It has seen a positive crossover along with breakout in mechnical indicators and also forming an extended Pole and Flag pattern on daily and weekly scale,” Motilal Oswal Securities said in a report on 13 June 2018.
While, on the other hand, Motilal Oswal Securities has a ‘neutral’ rating on the stock of TCS with a target price of Rs 1,500 per equity shares which implies a downside of 16% from the current market price of Rs 1,781. The research and brokerage firm Axis Securities has given resistance levels of Rs 1,793 and Rs 1,805 and support levels of Rs 1,761 and Rs 1,741 per equity share.
Though, TCS share price has crossed the resistance levels of Rs 1,793 and Rs 1,805 given by Axis Securities in the early session today.
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