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Sensex gains; TCS rallies on buyback announcement
February 20, 2017 / 6:45 AM / 7 months ago

Sensex gains; TCS rallies on buyback announcement

A broker trades on his computer terminal at a stock brokerage firm in Mumbai, India, January 20, 2016. REUTERS/Shailesh Andrade/Files

REUTERS - Indian shares rose around 0.7 percent on Monday, erasing earlier losses to hit their highest close since September as IT stocks rallied after Tata Consultancy Services announced a share buyback at a substantial premium.

TCS rose about 4 percent after saying its board approved a share buyback of up 160 billion rupees ($2.39 billion) at 2,850 rupees apiece, well above its closing price of 2,502.20 rupees.

Rival Infosys rose 1 percent.

The benchmark BSE Sensex ended up 0.68 percent at 28,661.58, its highest close since Sept. 23, 2016.

The broader NSE Nifty ended 0.65 percent higher at 8,879.20, its highest close since Sept. 9, 2016.

Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair

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