TCS, Infosys push BSE IT index to new high; IT index rallies 24% in CY18

Shares of information technology (IT) companies were in focus on Monday with the S&P BSE IT index hitting record high. The raly comes on the back of a surge in prices of sector majors - Tata Consultancy Services (TCS) and Infosys - that hit a new high on the BSE in intra-day trade.
TCS hit a new high of Rs 1,871, up 1.6% on Monday, extending its Friday’s 2.7% gain the BSE after the company’s board approved a proposal to buy back up to 76 million equity shares worth about Rs 160 billion. The buyback price has been fixed at Rs 2,100 a share, a 14 per cent premium over its Friday’s closing price of Rs 1,841 market price. The promoters’ holding in the company now stands at 71.92%.

This is the second year in a row when the Mumbai-headquartered firm has decided to go ahead with a share buyback programme in a bid to return excess cash to its shareholders.

Infosys, too, hit a new high of Rs 1,291, up 0.8%, extending its previous day’s 3.3% gain on the BSE.

At 09:38 am; the S&P BSE Index up 0.1% at 13,965, hit a record high of 14,071 in intra-day trade today. On comparison, the S&P BSE Sensex was trading 0.09% lower at 35,586 points.