Last month, TCS shareholders had approved a proposal by the company to buy back up to 53.33 million equity shares at ₹3,000 a share for an aggregate amount not exceeding ₹16,000 crore. The buyback started on 18 December and will close on 1 January.
"Digitalization at scale and COVID-19’s acceleration of Work From Anywhere has boosted technology demand across industry verticals and geographies. Moreover, we note that IT outsourcing has seen strong pick-ups (lasting at least two years) after previous crises (such as Y2K and the GFC). These factors support our forecast of a third wave of IT outsourcing in FY21-23E," said Goldman Sachs in a note to its investors