TCS could announce a share buyback along with Q1 results

Tata Consultancy Services (TCS), an IT major, is expected to announce a share buyback proposal along with its quarterly results, according to Jefferies. TCS had previously announced a buyback worth Rs 18,000 crore in 2020. Other IT companies such as Wipro are also engaging in share buybacks. Jefferies predicts that IT companies may report a decline in revenue and margins due to wage hikes. Motilal Oswal expects a modest YoY growth in revenue and a drop in profit for the June quarter. IT companies have been cautious in their guidance amid a challenging global environment.