Sensex soars 193 points, TCS up 4% Benchmark Sensex surged 193 points to close at nearly five-month high of 28,661.58 today on robust buying in metal and IT counters amid positive global cues. Sentiment also got a boost after IT major TCS approved a share buyback plan of up to Rs 16,000 crore. NEW DELHI: Tata Consultancy Services Ltd (TCS) today announced Rs 16,000 crore share buyback- biggest in the Indian capital market, as it looks to return surplus cash to shareholders.The decision comes at a time when India's largest software services provider is under pressure of losing revenue from its clients in the US, which accounts for 65 per cent of of the $155 billion industry, under President Donald Trump's protectionist measures.TCS said in a stock exchange filing that its board approved buyback of up to 5.61 crore shares, or 2.85 per cent of its share capital, at Rs 2,850 apiece.The share buyback, if successful, will be India's biggest, surpassing Reliance Industries' 2012 share repurchase of Rs 10,400 crore. TCS shares rallied 4.08 per cent to close at Rs 2,506.50 on the BSE, the highest closing price in five months. Infosys is amid a bitter spat between a clutch of high-profile founders and the management primarily over utilisation of cash surplus for enhancing shareholder value rather than paying hefty pay hikes to the chief executive and severance package to departing employees.Infosys' former CFO V Balakrishnan had demanded share buyback to protect shareholders' interest.

Source: Times of India February 20, 2017 10:18 UTC