Buybacks

The shift will bring the taxation of share buybacks on the same page as the dividend income

Buybacks will be undertaken through a separate window on stock exchanges until then

Actual acquisition cost 20% below max buyback price under open market route

The buyback proposal comes less than 13 months of Paytm's disastrous listing, which saw its shares tank as much as 80 per cent

Currently, companies can buyback only 25 per cent of the paid-up capital and free reserves under the tender route

The stock underperformed both the Nifty and the Nifty IT index, which fell 1.5% and 2%, respectively

Fall in raw material prices, low base, and normal monsoon are other positives

UPL expects strong performance (10 per cent plus revenue growth and 12-15 per cent EBITDA growth) in the current fiscal year FY23.

On Friday, TCS shares closed 1.26 per cent higher at Rs 3,854.85 on BSE

The buyback was undertaken as part of the recent investment by Blackstone earlier this year

The company's recent resurgence has given it a market value north of $2.2 trillion, making it the second-most valuable publicly traded company after a 35% rise in its shares over 2021

BP Plc and Equinor ASA have already made incremental dividend increases and announced more modest buyback plans

Nearly 200 existing and former employees with vested options are eligible to participate in this process, the firm said

Barring today's gain, the stock has added 20 per cent in the past three sessions

In the past three months, share price of Wipro gained 14 per cent but underperformed its peers HCL Technologies and Infosys, which rallied 20 per cent and 23 per cent, respectively

Change in tax structure leads to revival of share repurchase programmes

Plans to buy 237.5 mn shares or 4.16% of paid-up capital, on a proportionate basis from existing shareholders under the tender-offer route

Wipro's board will meet on Tuesday, October 13 to consider buyback proposal.

Wipro is the second mega Indian IT services firm to consider a buyback programme after market leader TCS

The company said it has scheduled a meeting on Thursday, October 8, 2020 to consider a buyback proposal.