Mumbai, May 15: The Rs 16,000-crore buyback offer of Tata Consultancy Services (TCS), the country's largest software services firm, will start on May 18.

The buyback programme, which received shareholder approval last month, will remain open till May 31, the company said in a regulatory filing.

Country's largest software services firm Tata Consultancy Services (TCS) will commence its Rs 16,000-crore mega buyback offer from May 18.

The buyback programme, which received shareholder approval last month, will open on May 18 and close on May 31, the company said in a regulatory filing.

Just six months ago, Indian companies and policy makers were grappling with a record-low exchange rate. Now, the rupee’s unexpected rebound is causing fresh problems. While the currency’s 5.6 percent jump against the dollar so far this year will help tamp down inflation, it’s posing a challenge for the earnings of India’s exporters. For information technology and drug companies already contending with an American clampdown on working visas and a wave of unfavorable inspections by the U.S. Food and Drug Administration, it’s another headache.

Head Hunters India, an executive search firm, today termed the Infosys' move to hire 10,000 Americans as an act to 'appease' US President Donald Trump's administration which has tightened the rules of H-1B visa programme to stop its 'abuse'.

Head Hunters India Founder-Chairman and Managing Director K Lakshmikanth also said local hiring in the US was very costly and would lead to offshore job cuts in India.

Tata Consultancy Services (TCS) on Friday filed its draft letter of offer with Securities and Exchange Board of India (Sebi) to buy back its shares for an amount of Rs 16,000 crore. TCS, the largest Indian IT firm, proposes to repurchase 5.61 crore shares at a price of `2,850 apiece and has set March 8, 2017, as the record date to decide eligible shareholders. The offer represents 2.85% of the total paid-up equity share capital of the company. The offer is 25% higher than the closing price of the stock of Rs 2,272.10 on Friday on Bombay Stock Exchange (BSE).

The US has accused top Indian IT firms TCS and Infosys of unfairly cornering the lion's share of H-1B visas by putting extra tickets in the lottery system, which the Trump administration wants to replace with a more merit-based immigration policy.

At a White House briefing last week, an official in the Trump administration said a small number of giant outsourcing firms flood the system with applications which naturally ups their chances of success in the lottery draw.

TCS today reclaimed its status as the country’s most valued firm by market capitalisation after Reliance Industries briefly replaced the IT major from the top position. At the end of trade today, Tata Group’s crown jewel TCS commanded a market valuation of Rs 4,55,405.31 crore. This was Rs 299.98 crore more than RIL’s Rs 4,55,105.33 crore valuation.

Earlier in the day, RIL had surged past TCS to clinch the title of most-valued Indian company. However, at the end of trading session the IT major overtook the energy behemoth. Reliance Industries had on Tuesday also briefly regained its status as India’s top-valued firm, overtaking TCS.

Tata Consultancy Services shares were trading firm amid sluggish key markets after India’s largest information technology services company’s guidance for the current fiscal 2017-18 expressed optimism for the year ahead, with the company aiming for an ambitious operating margin of 26-28%.

TCS shares were trading up 0.53% at Rs 2,321 on BSE, after rising to the day’s high of Rs 2,348.45. The benchmark BSE Sensex was down 0.24% at 29249.6 points, while the broader NSE Nifty was down 0.21% at 9,086.4 points.

India's largest software services firm TCS today said its shareholders have approved a Rs 16,000 crore share buyback plan.

The buyback programme, which was passed through a special resolution, saw 99.81% of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.

Tata Sons’ chairman Natarajan Chandrasekaran has said the Indian IT major is committed to encourage millions of children across the globe to pursue careers in subjects related to science and technology. “TCS fully recognises the importance of what we call a STEM (science, technology, engineering and mathematics) here in the US. Our effort in this country and around the world, for the last several years has been to promote talent, skill development, whether in math or computer science or any related discipline at schools, colleges and also at an advanced level,” Chandrasekaran told PTI.

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