Shares of Tata Consultancy Services (TCS) hit a 52-week high of Rs 3,634.70, up 1 per cent on the BSE in Monday's intraday trade, in an otherwise weak market after the company announced that it will consider a proposal to buyback equity shares at the meeting to be held on October 11, 2023. The company made the announcement on Friday after market hours.
In comparison, the S&P BSE Sensex was down 0.64 per cent at 65,571 at 09:30 AM.
IT services firm Tata Consultancy Services announced on Friday that it will consider a share buyback when the company's board meets next week to approve its second-quarter financial results.
In a regulatory filing, the company stated, "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 buyback of equity shares of the Company, at its meeting to be held on October 11, 2023."
Tata Consultancy Services (TCS), India’s largest IT services player, in a statement said that the media report suggesting the involvement of senior executives in bribes for jobs from recruitment firms relates to a breach of the company’s Code of Conduct by certain employees and vendors. It also said that there was no financial impact and does not involve any fraud.
TCS made these clarification to the exchanges in a filing, as a media report said that senior executives involved in hiring thousands of personnel took bribes from staffing firms. The story also stated that TCS’s Resource Management Group (RMG) head has been accepting commissions from staffing firms.
Tata Consultancy Services (TCS), one of the biggest IT firms in India, has been rocked by a bribes-for-jobs scandal. According to a report by Mint, a few senior personnel at the company were accepting bribes from staffing firms for giving jobs to their candidates, for years.
This has led to the company sacking four officials from its resource management group (RMG) and banning three staffing firms.
Tata Consultancy Services (TCS) said on Wednesday that interim CEO K Krithivsan will take over the charge of the company on June 1, 2023. Rajesh Gopinathan, the currency CEO and MD will continue to assist him in a smooth transition till end of September 2023.
Krithivasan during the media briefing said that his immediate focus will be to meet customers.
Tata Consultancy Services (TCS), Adani Enterprises, and Reliance Industries Limited (RIL) have acquired plots in what is going to become the Bengal Silicon Valley Tech Hub, The Financial Express (FE) reported. The tech hub is expected to be completed and made operational by the end of 2025.
The Mamata Banerjee-government in West Bengal is working hard to ensure all statutory approvals are granted seamlessly.
Five of the top 10 most valued firms together lost Rs 86,447.12 crore in market valuation last week, with Infosys, Tata Consultancy Services and State Bank of India taking the biggest hit.
Last week, the BSE benchmark fell 462.8 points or 0.79 per cent.
While Reliance Industries Limited, Tata Consultancy Services (TCS), HDFC Bank, Infosys and State Bank of India suffered erosion from their valuation, ICICI Bank, Hindustan Unilever Limited, ITC, HDFC and Bharti Airtel posted gains.
Top Indian information technology firms Tata Consultancy Services and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday.
Regional banks in the United States account for 2-3% of their revenue, J.P. Morgan said in a note, adding that the exposure to the recently collapsed Silicon Valley Bank could be 10-20 basis points for TCS, Infosys and smaller rival LTIMindtree, with the Tata group company in the lead.
Tata Consultancy Services (TCS) beat Street estimates as the information technology (IT) major reported its highest-ever order book and crossed the revenue milestone of Rs 50,000 crore in a quarter, besides logging the highest incremental revenue addition of $3.5 billion in a year.
We have had a strong Q4 and we are ending the year on a strong note, especially for a year that has been marked by a steady recovery. Even beyond the financial metrics, every other parameter is looking good, said Rajesh Gopinathan, CEO and MD, TCS.
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.