TCS share hits all-time high, market cap crosses Rs 11 lakh crore

TCS share price hit all-time high today after the share rose over 1% on an intra day basis. The IT stock climbed up to 1.42% to Rs 2,949.40 taking the market cap of the firm above Rs 11 lakh crore mark for the first time. The market cap rose to Rs 11.02 lakh crore.

Later, the share closed 0.68% or Rs 19.80 higher at Rs 2,928 on BSE.

The stock has gained 4% in the last 4 days. TCS share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 33.29% in one year and risen 35.56% since the beginning of this year.

In a month, the stock has climbed 9.36%.

The share has gained Rs 1,445.0 or  96.08% from its 52 week low of Rs 1,504.40 on BSE.

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Meanwhile buyback of shares by India's largest IT services firm Tata Consultancy Services (TCS) is in progress. The firm has initiated buyback of shares on December 18. The Rs 16,000-crore share buyback programme will close on January 1, 2021.

In November, TCS shareholders had cleared a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.

Buyback price of Rs 3,000 was at a 5.71% premium to the closing price of Rs 2,837.90 on December 17 (Thursday).

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