Tata Consultancy Services (TCS) today said its board has approved share buyback of up to Rs 16,000 crore.
TCS reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue.
Tata Sons is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal, a source with knowledge of the matter told Reuters.
TCS fell by nearly 2 percent after the company said its net profit slipped 3.6 per cent in three months to December.
Led by the gain in the stock, the company's market valuation rose by Rs 18,884.67 crore to Rs 5,37,359.67 crore.
TCS, which has surpassed RIL to become the country's most valued firm, continued to retain the position for the second day on Wednesday.