After Reliance Industries, Tata Consultancy Ltd. (TCS) has surpassed the market cap of Rs 10 lakh crore. It happened after shares of TCS surged seven percent in trade on Monday.
The shares of the company hit a new high of Rs 2,687 during the day which results in its market capitalisation to record Rs 10.08 lakh crore. This follows after TCS announced that it is considering a buyback of shares on 7 October.
The TCS board is also slated to consider its financial results for the September quarter and declaration of a second interim dividend to the equity shareholders at that meeting.
TCS, the IT service company is in the second position of most valued company in India after RIL, which has a market cap of over Rs 15 lakh crore.
TCS had undertaken a share buyback programme worth up to Rs 16,000 crore in 2018. There was a similar share purchase programme in 2017.
In this financial year TCS is the only company to announce a share buyback.
Most IT stocks are surging ahead of their Q2 earnings results season, which begins this week. These companies are expected to have performed well amid the pandemic due to increased focus of digitalisation amid businesses.
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