Sensex soars 193 points; TCS zooms on share buyback

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Mumbai: Benchmark Sensex surged 193 points to end near five-month highs on Monday as IT counters rallied after bellwether TCS announced a Rs 16,000-crore share buyback. 

Telecom and metal shares also witnessed robust buying while higher global cues and foreign fund inflows supported the momentum.

TCS emerged as the top performer in the 30-share Sensex pack, after the company said its board has approved a share buyback plan of up to Rs 16,000 crore.

The buyback price has been set at Rs 2,850 per share. The stock ended the day at Rs 2506.50, up 4.08 percent.

Telecom shares were in demand after reports said Vodafone India and Aditya Birla Group firm Idea Cellular are likely to finalise their merger within a month, creating India’s largest telecom firm.

The BSE Sensex, after opening a tad higher, quickly slipped into negative terrain to hit a low of 28,419.27 on profit-booking.

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