TCS's stock price reaches a 52-week high after a share repurchase. Experts perceive more rise

 TCS's stock price reaches a 52-week high after a share repurchase. Experts perceive more rise

TCS share price: On Monday morning trades, shares of Tata Consultancy Services (TCS) saw significant buying demand after the release of the plan for the purchase of shares at the board meeting on October 11, 2023. Today's TCS share price started off well and eventually reached an intraday high of $3,679 per share on the NSE, which also marks a new 52-week high.

Stock market analysts claim that the recent exchange listing of the Indian It ginat is what caused the current spike in TCS shares. The Indian IT giant had disclosed to Dalal Street bourses in its exchange filing from last week that its board of directors will review and authorize the repurchase of shares at its board meeting set for October 11th, 2023. According to them, the TCS share price is showing a bullish chart pattern and may increase to levels of 3,800 per share in the near future.

expectation for TCS's stock price

Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the cause of the increase in TCS share price by saying, "TCS share price is increasing owing to announcement of repurchase of shares. Although the TCS repurchase price has not yet been disclosed, the market anticipates it to be in the range of $4,300 to $4,500 per share. The market anticipates a TCS repurchase to cost about $18,000 crore.

The medium- to long-term movement, according to a Profitmart Securities analyst, will rely on the Q2 data TCS releases on October 11th, 2023. He maintained, though, that the stock may have additional potential in the near future.

Target price for TCS shares

Sumeet Bagadia, Executive Director at Choice Broking, said when asked about the structure of the price chart for TCS shares, "TCS shares are looking positive on chart pattern and it may move up to 3,750 to 3,800 per share levels in short term. The recommendation is to keep your stop loss around 3,550 levels and hold for these goals if you own TCS shares. New investors may purchase TCS shares at the present price while keeping their stop loss at $3,550 per share.

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TCS buyback information

Last week, TCS informed Indian stock market exchanges about a proposed buyback of equity shares, citing According to Regulation 29(1)(b) of the SEBI (Listing responsibilities and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of The officers will consider a proposal for the purchase of equity shares of the Company, at the next meeting to be held on October 11, 2023."