TCS share price: Shares of Tata Consultancy Services (TCS) have been in uptrend since early morning deals. TCS shares price today opened upside and went on to hit intraday high of ₹3,650 apiece on NSE, logging near one per cent intraday gain in near one hour of stock market’s opening bell. As IT giant is going to declare buyback of shares today along with its Q2 results 2023, market experts are advising fresh investors to wait for the declaration of Q2FY24 resuls as market is expecting muted to flat quarterly numbers from the Indian IT major.
TCS Q2 Results Preview: IT major to report muted earnings growth; share buyback in focus
Stock market experts believes that TCS buyback is a strategic move to bring confidence among TCS shareholders as company wants to showcase confidence in its future outlook. However, they advised fresh investors to buy TCS shares only when Q2 results 2023 are declared. They also advised investors to wait for the final declaration of share buyback and the premium at which TCS buyback price gets announced.
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Speaking on TCS share price outlook, Sandeep Pandey, Director at Basav Capital said, “TCS buyback is a strategic announcement by the Indian IT major as it would bring confidence among investors as management is buying shares would signal upside in TCS stocks in near term. However, it is also signaling that company wants to stop sell off after the Q2 results 2023. So, fresh investment is advised only when TCS buyback and TCS Q2 results 2023 are declared.
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On how TCS buyback offer would impact TCS share price movement, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “Buyback is too small event to push TCS share price because TCS buyback size would be like an ice tip in the ocean. As market is expecting flat to muted Q2FY24 results by TCS, some downside can be expected in the stock if the results are declared in sync with the market expectation. My suggestion to fresh investors is to wait for both TCS buyback and TCS Q2 results annnouncement and then one should decide whether TCS shares can be bought or not.”
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TCS share price target
On what TCS share price chart suggests, Sumeet Bagadia, Executive Director at Choice Broking said, “Those who have TCS shares in portfolio, they are advised to maintain stop loss at ₹3,550 apiece levels. In case of further upside, TCS share price may go up to ₹3,750 and ₹3,800 apiece levels in near term.” Choice Broking exopert advised ‘buy on dips’ strategy in TCS shares expecting bounce back in stock from support levels, if there is profit booking taking place in the stock after declaration of Q2 results 2023.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 11 Oct 2023, 12:29 PM IST