Home NEWS Market Shares rise buoyed by TCS buyback plan

Shares rise buoyed by TCS buyback plan


Buyback Plan

Indian shares ended higher on Monday as Tata Consultancy Services’ market capitalization touched ₹10 lakh crore ($136.46 billion) — on share buyback plans — and banking stocks gained after the government said it would waive interest levies on some loans under moratorium.

The NSE Nifty 50 index ended 0.76% higher at 11,503.35 and the S&P BSE Sensex gained 0.71% to close at 38,973.70. TCS said it would consider a share buyback later in the week when it reports results, sending its shares up as much as 8.1% to a record high of ₹2,728.10. buyback plan

The Nifty IT index rose by 3.47%. Shares in TCS, Wipro Ltd., and Infosys Ltd. were among the top percentage gainers on the blue-chip Nifty 50. The Centre had told the apex court it would waive the compounding interest component on loans up to ₹2 crores under a COVID-19 support plan, a legal filing showed. The Supreme Court will have its next hearing on the interest waiver case on October 13. buyback plan

The NSE Bank index ended 0.56% higher, with shares of IndusInd Bank rising as much as 6.5% and Canara Bank Ltd. shares closing 0.6% higher.

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Shares rise buoyed by TCS buyback plan
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Shares rise buoyed by TCS buyback plan