Thursday, 16 February 2017

TCS share buyback will put pressure on other IT firms

A move by Tata Consultancy Services to buy back shares would put pressure on top companies in the IT sector to follow suit. TCS chief N Chandrasekaran said that investors had suggested a buyback and the board would take a final call. The company confirmed this morning it would consider doing a buyback on February 20. While Cognizant recently announced a USD 3.4 billion buyback plan, Infosys is being pressured by two of its ex-CFOs to consider a share buyback. This comes amid rising concerns that IT companies are struggling to put excess cash to investment use in a growth-challenged environment.

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