Tata Consultancy Services (TCS) shares soared over 3% to Rs 3,979.90 on the BSE in intraday trade on Monday after India’s largest IT business indicated its board will discuss a repurchase proposal on Wednesday, January 12, 2022. The stock was trading close to its all-time high of Rs 3,990, set on October 8, 2021.

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TCS’s board is scheduled to meet on January 12 to approve and record the company’s financial statements for the third quarter and nine months ended December 31, 2021.

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TCS has outpaced the market in the last month, rising 8% vs the S&P BSE Sensex’s growth of 2.3%. However, in three months, it underperformed with a 0.41% decline, as against a 0.13% gain in the benchmark index.

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TCS was up 1.1% at Rs 3,989.40 on the BSE at 09:33 a.m. The S&P BSE Sensex, on the other hand, was up 0.55% at 60,071 points. The stock has experienced a lot of trading activity, with 2.4 million equity shares changing hands on the NSE and BSE in the first half-hour of trading.

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TCS bought back more than 53 million shares in 2021 at Rs 3000 per share, with 33.33 million shares accepted under the offer. It also conducted two buybacks in 2017 and 2018, each worth around Rs 16000 crore. TCS has Rs 51950 crore in cash and cash equivalents at the end of September 2021.

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TCS is expected to publish strong earnings for the December quarter, according to analysts. Antique Stock Broking anticipates a 3% quarter-on-quarter increase in constant currency and a 2.5% quarter-on-quarter increase in dollar revenue, with a 50 basis point cross-currency headwind.