The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.
Profit taking in Bajaj Finance, Nestle, Kotak Bank, SBI, Bharti Airtel L&T and Asian Paints also weighed on the benchmark index. Maruti bucked the trend by gaining 1.73 per cent after strong retails sales in September. Power Grid, M&M. JSW Steel and Tata Steel also advanced.
TCS is recognised as a Top Employer in Latin America and North America.
Tata Consultancy Services said on Monday it will consolidate its financial products into a single business unit -- TCS Financial Solutions.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
Among the Sensex firms, Wipro jumped over 6 per cent after the IT company's December quarter earnings beat estimates. The other prominent gainers were HCL Technologies, HDFC Bank, Infosys, Tech Mahindra, Bharti Airtel and Reliance Industries.
Credit Suisse thinks it possible for the company to narrow its forecast ('guidance') range.
Some analysts believe underperformance of the TCS stock may continue.
ONGC's rein at the top position proved to be short-lived as it had on Thursday last week surpassed TCS to become the most value company.
Tata Consultancy Services and its Chinese partners - Beijing Zhongguancun Software Park Development, Uniware and the Tianjin Huayuan Software Area Construction and Development
At the end of trade, ONGC commanded a market value of Rs 2,89,047 crore (Rs 2,890.47 billion).
The Securities and Exchange Board of India has issued "certain observations" and "sought clarifications" on draft prospectus for Tata Consultancy Services Ltd's initial public offering.
India's top technology companies will witness a tepid revenue expansion in the third quarter (October - December) of the current financial year (Q3FY24) - along expected lines - on the back of furloughs and no blockbuster deals, even as the momentum gained from Generative AI (GenAI) is likely to take centre stage. IT services and consulting firm Accenture's first quarter numbers in FY24 showed a significant pick up in GenAI spending. It signed new bookings to the tune of $450 million in this space, a surge from the $300 million signed in the whole of FY23.
Colleges are witnessing more offers, with better salary packages. Median salary packages offered have improved over last year.
India's largest software services firm Tata Consultancy Services (TCS) said the tenure of its Chief Executive Officer and MD N Chandrasekaran has been extended by five years to October 2019.
Among the Sensex firms, Kotak Bank, PowerGrid, ICICI Bank, HDFC Bank, PowerGrid were the major gainers. HUL, TCS, M&M, IndusInd Bank, HCL Tech were among the losers.
While about 8,000 people are in the long list of invitees, the select list features just a few hundred people, including prominent politicians, leading industrialists, top film stars, sportspersons, bureaucrats and diplomats.
India's information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts. To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
Shares of Tata Consultancy Services (TCS) fell by 4 per cent on worries that growth may be muted.
However, the second quarter of FY24 is expected to be muted, and, with that, the hope of double-digit growth is now being pushed to FY25. However, analysts are expecting the momentum in the closure of record total contract values (TCVs) will continue, as has been the case over the last two quarters.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Tata Consultancy Services on Thursday said it will give out one-time bonus to employees that will be cost it Rs 2,628 crore.
Umesh Keelu said he would be motivating other youngsters from Dharavi slums to join the armed forces.
IT services provider Tata Consultancy Services Ltd and Microsoft Corporation on Wednesday entered into a global services partnership, under which the two would jointly help in enhancing value of their IT investments.
Tech major's shareholders will receive total dividend of Rs 15,474 crore in FY15
Who will replace Chandra at TCS if moves to Tata Sons?
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
The country's second largest employer in the corporate sector has over 300,000 men and women on its roles in 50 countries.
In dollar terms, TCS' market valuation rose to $84 billion.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
Shares of TCS rose by 2.48 per cent to end the day at Rs 3,195.10 on the BSE, while RIL shares fell by 0.08 per cent to Rs 963.80.
Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
TCS registered revenues at Rs 30,541 crore in the second quarter of 2017-18, up 4.3 per cent from Rs 29,284 crore in the year-ago period.
IT services provider Tata Consultancy Services has acquired Phoenix Global Solutions, a Bangalore-based firm that provides technology business solutions to insurance companies, for an undisclosed sum.
The company is accused of making a series of false promises and intentional misrepresentations.
TCS posts one of the highest volume growth and best margin performance.
The report said the gap in revenue growth between Cognizant and TCS had reached to its lowest of four percentage points in the four-quarter period ended September, 'despite TCS's larger revenue base'.
The county's largest IT company TCS on Friday reported a 7.2 per cent jump in December quarter net to Rs 8,701 crore on a consolidated basis, and seemed to suggest the worst is behind by projecting double-digit revenue growth for FY22. The company, a cash cow for Tata Sons, saw a 5.4 per cent growth in revenue at Rs 42,015 crore for the quarter. Operating profit margin came in at 26.6 per cent despite implementing wage hikes, after consistently missing the 26-28 per cent aspirational band for many quarters.
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