Indian shares edged higher, as TCS gained on hopes that it would buy back stock, while solid monthly industrial growth data on Tuesday boosted market sentiment.
Tata Consultancy Services (TCS) rose nearly 3 per cent today on the company's plan to buy back shares at its board meeting later this week.
TCS will consider a proposal to buy back shares at its board meeting to be held later this week. TCS said in a BSE filing late last night.
Indian equities gained for a third straight session on Monday as a sharp drop in crude prices and a recovery in the rupee boosted sentiment.
TCS increased its spending on research and development and innovation initiatives by over 17% to Rs 1,500 cr in 2017-18, compared to the previous year.
TCS shares slipped 0.43 per cent to settle at Rs 3,589.45 apiece on the BSE. During the day, it had gained 1.91 per cent to hit a one-year high of Rs 3,674.
Indian shares rose, driven by IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd on the back of a weak rupee.
Wipro Ltd, India’s third-biggest software services exporter by revenue, posted lower-than-expected fourth-quarter net profit, hurt by lower revenue from operations.
Shares of TCS today surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over USD 100 billion.
Tata Consultancy Services Ltd, breached the 3,500 rupee per share mark on Monday for the first time, reaching $100 billion in market capitalisation.
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