Sandip Agarwal of Edelweiss Securities says Tech Mahindra's share buyback plan hints that there will not be any big acquisition for the next few quarters.
"It is basically answering all the questions and worries and concerns in one go. It answers that there will not be any big-bang acquisition right now for the next few quarters at least and it also says that we are concerned about returning money to the shareholders in line with other IT companies," he said.
Tech Mahindra’s board of directors approved a share buyback plan
of up to Rs 2,000 crore. The company said it will buy back up to 2.05 crore shares via tender route at a price of Rs 950 per share for an aggregate amount of Rs 1,956 crore.