TCS surges 5%, hits new high on healthy Q2 results, Rs 16,000 crore buyback

The TCS board has approved a buyback amounting to Rs 16,000 crore; to buy back 53.3 million shares at Rs 3,000 apiece

Shares of Tata Consultancy Services (TCS) hit a fresh record high of Rs 2,875, up 5 per cent on the BSE in early morning deal on Thursday, after the company reported a healthy set of July-September quarter (Q2FY21) numbers that were above analysts' estimates.

The TCS board has also approved a buyback of Rs 16,000 crore to buy back 53.3 million shares at Rs 3,000 per share. The company has also declared an interim dividend of Rs 12 per share. The record date for interim dividend is October 15, 2020 while payment date is November 3, 2020.

TCS,