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TCS Share Price at 52-Week High Amid Buyback; Analysts Predict More Upside

TCS Buyback: The Company's Board to Review and Approve Share Repurchase in Meeting Set for October 11, 2023.

By Team Pardaphash 
Updated Date

TCS Share Price Surges Following Announcement of Buyback Proposal in Board Meeting on October 11, 2023.

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Shares of Tata Consultancy Services (TCS) witnessed robust demand in morning trading on Monday after the company unveiled its buyback plan. TCS shares opened positively and reached an intraday high of ₹3,679 per share on NSE, marking a new 52-week high.

Market analysts attribute this surge in TCS shares to the recent exchange filing by the Indian IT giant. In a filing last week, TCS informed Dalal Street bourses that its board of directors would discuss and approve a share buyback during the board meeting scheduled for October 11, 2023. They believe that the chart patterns indicate a bullish trend for TCS shares, with the potential to reach levels around ₹3,800 per share in the near term.

Avinash Gorakshkar, Head of Research at Profitmart Securities, explained the rise in TCS share price, saying, “The announcement of the share buyback is driving the increase in TCS share price. While the exact buyback price has not been disclosed yet, the market anticipates it to be in the range of ₹4,300 to ₹4,500 per share. The market expects the TCS buyback size to be approximately ₹18,000 crore.

TCS Share Price and Outlook

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As of October 9, 2023, Tata Consultancy Services (TCS) traded at ₹3,661.00, showing a 1.13% increase for the day. The stock reached a day high of ₹3,680.00 and a day low of ₹3,631.10, with a trading volume of 89,251.00 shares.

Experts at Profitmart Securities emphasized that the medium to long-term trajectory of TCS shares would hinge on the company’s Q2 financial results, scheduled for announcement on October 11, 2023. Nevertheless, they maintained optimism about the stock’s potential for further gains in the near term.

TCS Share Price Target

Sumeet Bagadia, Executive Director at Choice Broking, analyzed the TCS share price chart and stated, “TCS shares exhibit a bullish chart pattern and could potentially reach levels between ₹3,750 to ₹3,800 per share in the near term. Existing TCS shareholders are advised to set a stop loss at ₹3,550 and hold for these targets. New investors can also consider buying TCS shares at current levels, maintaining a stop loss at ₹3,550 per share.”

TCS Buyback Update

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In recent news, TCS officially informed Indian stock market exchanges about its intention to conduct a share buyback. The company’s statement read, “Pursuant to Regulation 29(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors will consider a proposal for the buyback of equity shares of the Company at its meeting scheduled for October 11, 2023.

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