TCS to consider share buyback proposal on October 11

TCS announces fresh share buyback plan

Tata Consultancy Services (TCS), India’s largest IT services exporter, said that it will consider a share buyback during its board meeting on October 11, 2023, the day when it will also announce its second-quarter results.

In a filing with the stock exchanges, TCS said, “This is to inform you that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on October 11, 2023.”

The last time TCS did a buyback was in 2022 when it bought back four crore shares at a price of Rs 4,500 per share which amounted to returning Rs 18,000 crore to the participating shareholders. On Friday, the share price of TCS closed at Rs 3,621.25 with a gain of 0.89% on the National Stock Exchange.

The other Indian IT companies which also came out with a share buyback programme include Infosys and Wipro. In February this year, Infosys closed its share buyback worth Rs 9,300 crore while Wipro had announced a Rs 12,000 crore buyback issue in June.

LAM Research plans to set up a new semiconductor lab in Karnataka

LAM Research, a global provider of semiconductor equipment and services, has evinced interest in setting up a new lab in Karnataka. Karnataka Large and Medium Industries Minister M B Patil who is leading a delegation to the US held discussions with the company’s management representatives in this regard.

LAM Research has already established a presence in Karnataka since 2000 and its campus in Bengaluru is focusing on hardware engineering, global operations management, and software development support. During the State Level Single Window Committee meeting held in September, the company secured approval to set up engineering, R&D, testing and tool prototyping for capital goods for the manufacturing of semiconductors and displays. It plans to invest Rs 236 crore in this project.

LAM Research is also planning to contribute to the development of Indian suppliers and establish connections with the existing supplier ecosystem in Karnataka, the company said.

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