TCS shares flat amid US court's ₹1,619 cr penalty for 'misappropriation of trade secrets'
TCS' response to the court ruling says it believes the judgement has no major "adverse impact" on its financials and operations
TCS' response to the court ruling says it believes the judgement has no major "adverse impact" on its financials and operations
Post Q4 numbers, most brokerages remained bullish on TCS, expecting the share price to rise up to 15% to ₹4,700 from the current market price.
Tata Sons was looking to offload 2.34 crore, or 0.65%, shares of TCS at a floor price of ₹4,001 per share through block deals.
Extending gaining streak for the fourth straight session, TCS shares rose as much as 2.6% to scale a new peak of ₹4,229.30 on the BSE.
TCS shares declined 1.2% to hit a low of ₹3,468 as the stock turned ex-date for share buyback today.
TCS will acquire a total of 4,09,63,855 shares at a 13% premium over Wednesday's market closing price of ₹3,613
TCS is expected to post constant currency revenue growth of 1% with 20 bps cross currency headwinds translating into 0.8% QoQ dollar revenue growth.
While ICICI Securities retained its ‘Buy’ stance on TCS shares, Axis Securities and Jefferies assigned ‘Hold’; Nomura and Morgan Stanley gave ‘Reduce’ and ‘Equal Weight’ ratings, respectively.
In a clarification to exchanges, TCS said that no key managerial person of the company has been found to be involved in the alleged recruitment scam.
The total maximum estimated value of the contract will be 1.5 billion pound, if the deal extended to the entirety of its 18-year tenure, says TCS