Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
May 27, Saturday 2017 11:08 PM       

       HEADLINES: Slaughter ban: Youth organisations come out in strong protest                                              ATM robbery: Police got fingerprints, hints involvement of professionals                                              Slaughter ban: Pinarayi to send letter to PM Modi                                              RSS agenda of entering even kitchen shall not be encouraged: K Muraleedharan                                              Freedom subject to control: Vellapally supports slaughter ban                                              Despite being denied permission, Rahul leaves for Saharanpur                                              Brother hints Rajni’s political entry by July                                              Mishra lodges fresh allegations against Kejriwal                                              Tharoor files defamation suit against Arnab                                              Pak reopens Chaman Border crossing after 22 days                                              Chennai surfers dominate Day Two of 'Indian Open of Surfing'                                              Indian umpire Nitin Menon to officiate in English county                                              Kaumudi Facebook
       BUSINESS Next Article: Sensex near five-month highs, Nifty reclaims 8,800-mark  
       TCS to look at buyback on Feb 20
 
         Posted on :19:38:05 Feb 17, 2017
   
A A
       Last edited on:19:38:05 Feb 17, 2017
         Tags: TCS to look at buyback on Feb 20
 
MUMBAI: India’s largest software services firm Tata Consultancy Services (TCS) on Thursday announced that it will consider a buyback on February 20. 
 
The move comes at a time when investors have been calling upon IT companies sitting on huge cash piles to return excess cash to shareholders through a buyback or through a bonus issue. US-headquartered Cognizant Technology had announced earlier this month that it will returning $3.4 billion over the next two years to its investors through buybacks and dividends.
 
“The board of directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017,” TCS said in a communique to the exchanges. The company had net cash of Rs 43,100 crore at the end of December 31, 2016. Interestingly, this could also be one of the biggest announcements by outgoing TCS CEO N Chandrasekaran, as he is set to take charge as the Chairman of Tata Sons on February 21. The current CFO Rajesh Gopinathan will be assuming the role of CEO post Chandrasekaran's exit.
 
IDBI Capital’s Urmil Shah believes that TCS could announce a buyback of around $2 billion, “TCS can do buyback of maximum of Rs 20,900 crore or 25% of networth. We believe that it would be reasonable for TCS to announce share buyback of $2 billion or Rs 13,600 crore, which would be 2.9% of the company’s market capitalisation,” Shah said.
 
V Balakrishnan, the former chief financial officer of Bengaluru-based IT major Infosys has also been demanding a share buyback by the company in order to reward shareholders. 
DH News Service
Will take decision on buyback at an appropriate time: Infosys
 
The country’s second largest software services company Infosys on Thursday said it “periodically” reviews the capital allocation policy and the management will take a decision on share buyback at an “appropriate time”.
 
The statement comes at a time when Indian IT companies are under increasing pressure from investors to look at utilising large amount of cash on their books either through share buyback or generous dividend.
 
“Infosys has a clear, defined capital allocation policy which is periodically reviewed by the Board. We have increased the dividend payout twice in the past three years as a result of this process,” an Infosys spokesperson said in an emailed statement.
“The Board and the management will continue to review the policy and take a decision at an appropriate time,” she added.
A A
       BUSINESS
Next Article: Sensex near five-month highs, Nifty reclaims 8,800-mark
 
 
BUSINESS HEADLINES
GST Bill unanimously approved in Tripura  
Modi effect: Sensex breaches 31,000-mark, Nifty nears 9,600  
Mizoram GST Bill passed unanimously  
Sensex sheds 206 pts on profit-booking  
RBI refuses to disclose list of loan defaulters  
Nifty pares initial gains, ends flat  
Maharashtra Assembly passes GST Bill  
GST is Modi Govt's 'biggest achievement': ASSOCHAM  
Exporters to get tax refund under GST within 7 days: Nirmala  
GST won't affect financial autonomy of local bodies: Maha govt  
GST: Fin Min warns industry against hiking prices arbitrarily  
GST Bill is going to be consumer friendly: Jaitley  
Sensex surges to record high in late morning trade  
AI starts direct flight between Delhi, Stockholm  
Paytm raises $1.4 bn funding from SoftBank  
Sensex dives 224 pts, Nifty cracks below 9500  
Sensex, Nifty extend bull run, hit record highs  
BSNL signs pacts with Facebook, MobiKwik  
Govt clears new coal linkage policy  
Markets conquer new peaks, Nifty scales 9,500  
Gold climbs by Rs. 55 on positive global leads  
11 PIOs in Forbes's list of best venture capitalists  
Digitisation will curb shadow economy, says Meghwal  
Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
I-T dept launches facility to correct errors in PAN, Aadhaar  
 
Do you agree with Centre's ban on cattle slaughter across India?
Yes
 
No
 
No Opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy