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TCS Q2 beats street expectations; board approves share buyback

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TCS Q2: Cons net profit at Rs 7,475 cr vs CNBC-TV18 poll of Rs 6,744 cr

IT bellwether TCS has reported its constant net profit for the second quarter of the fiscal at Rs 7,475 crore versus a CNBC-TV18 poll of Rs 6,744 crore, thus beating street expectations.
The rupee revenue has come in at Rs 40,135 crore versus an estimate of Rs 39,330 crore, thus beating the street by 2 percent.
The EBIT (Earnings Before Interest and Tax) has been reported at Rs 10,515 crore which is a whopping 9.2 percent higher than what the analysts were expecting.
The company has posted a constant currency revenue growth at 4.8 percent for the quarter. The dollar revenue has been reported at $ 5,424 million for the quarter gone by.
The TCS board has also approved a share buyback up to Rs 16,000 crore at Rs 3,000 per share.
The buyback price of Rs 3,000/share is at a 9 percent premium to the current market price (CMP).
The IT bellwether will buy back a maximum of 5.33 crore shares which is equivalent to 1.42 percent equity.
The company board has also announced a salary increase which will be effective from October 1, 2020.

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