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Case Details |
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Case Code: FINC134
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| Case Length: 13 Pages |
| Period: 2017 |
| Pub Date: 2018 |
| Teaching Note: Available |
| Price:Rs.400 |
| Organization : Tata Consultancy Services Limited (TCS) |
Industry : Information Technology
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| Countries : India |
| Themes: Share buyback |
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India`s largest Share Buyback by TCS: To Participate or Not? |
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INTRODUCTION |
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| The announcement by Tata Consultancy Services (TCS) in 2017 of a share buyback came as welcome news to its investors as Indian IT stocks had not done well during FY17 and some stocks had recorded negative returns during the period February 2016 to February 2017. The returns for the three years (FY2014-15 to FY2016-17) offered by the benchmark index (BSE Sensex) were significantly higher than the returns provided by most IT companies. Commenting on the TCS buyback, Sarabjit Kour Nangra, VP, Research IT, Angel Broking, said, “The buyback of the shares is good given that cash yields are running low and the earnings yield in the IT industry has improved on the back of the underperformance of the stock. Also, the buyback will take a part of the cash out of the books; this will enhance the overall return on equity.” ...
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