TCS scrip rallies in trade today in early morning session by surging as much as 3% to Rs. 1830 on the BSE after the company said that its board will mull a buyback plan of the company's equity shares in its meeting scheduled on June 15, 2018. On the NSE, shares of TCS reached a high of Rs. 1,821 in intra-day trade today.
On May 25, 2018, the stock of TCS hit a 52-week high of Rs. 1,837 on the BSE.
Earlier, Rajesh Gopinathan, CEO of the company said the IT major will distribute 80-100% of the free cash and reserves generated over the year to its shareholders..
In 2017, the company through the buyback repurchased 3% of its total equity or 56.14 million equity shares from the company's shareholders for nearly Rs. 16000 crore.
At the time of reporting, the stock was quoting higher by 1.95% at Rs. 1815.80 on the BSE while the Sensex was up by 0.18% at 35756.64