Wednesday, 22 February 2017

After TCS, HCL Tech Could Eye Share Buyback

After Tata Consultancy Services humongous Rs 16,000 crore share buyback, it could now be the turn of its only large rival from the north the Noida headquartered HCL Technologies to undertake a similar exercise.

HCL Technologies shareholders will have to approve the buyback proposal once it has gone through the Board. HCL had cash and cash equivalent of Rs 2,214.5 crore as on December 31 besides fixed deposits of Rs 10,506.9 crore. 

The company has an equity base of 1.41 billion shares and has paid out dividends for the last 56 consecutive quarters. "Of course, it won't be the size of TCS buyback," he further said.

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