TCS, which had closed yesterday at Rs.2837.90, went on to hit a new high today at Rs.2892.75, with volumes jumping up over one time.
The stock surged, as its Rs.16,000 crore share buyback has opened today. This is the third buyback after earlier ones in 2017 and 2018.
TCS is buying back upto 5,33,33,333 equity shares and the floor price for this offer has been fixed at Rs 3,000 per share.
The offer will close on January 1, 2021.
Our Editor, Mr.SP Tulsian says it’s a long term stock and advises holding on.