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The buyback size works out to 2.85% of firm's paid up equity capital, at Rs 2,850 a share Tata Consultancy Services' (TCS')   board of directors has approved a proposal to buyback up to 5,61,40,351 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, the company informed BSE in a filing. The buyback size works out to 2.85 per cent of the company's total paid up equity share capital, at Rs 2,850 per equity share. "The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Sebi (Buy Back of Securities) Regulations, 1998, and the Companies Act, 2013, and rules made thereunder," the filing said. Further, the buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, print...

Is it a good time to buy Infosys? Royal Bank of Scotland’s (RBS’) last week’s decision of not pursuing its plan to separate and list a new bank – Williams & Glyn   (W&G) – hit   Infosys   in trade on Tuesday with the stock plummeting 3% in intra-day deals to its eight-month low of Rs 1,028 levels on the National Stock Exchange (NSE). Click here to track Infy's stock price movement Since then, it has recovered and is trading at Rs 1,046 levels, down nearly 1.5% around noon deals. By comparison, the Nifty 50 index was trading lower by 0.7% at 8610 levels, while the Nifty IT index slipped 1.3% to 11,029 levels. Also Read:   I am disappointed, says Infosys CEO Vishal Sikka in a letter to employees Given the RBS’ decision, Infosys would see a ramp down of around 3,000 resources. The likely impact on revenue could be around $50 million, reports suggest. This comes at a time when Infosys recast its annual revenue guidance for FY17 while announcing its ...

David Cameron to resign today, Theresa May to become UK PM David Cameron   will resign today and Britain will get its first female prime minister since Margaret Thatcher, as British Home Secretary   Theresa May   will take over the post. After failing to convince UK to remain in the European Union in a shocking referendum, Cameron had announced in June that he would step down by October, May's only remaining rival to replace Cameron -- Energy Minister   Andrea Leadsom   -- pulled out of the race following controversy over comments she made about motherhood and leadership. "Obviously, with these changes, we now don't need to have a prolonged period of transition. And so tomorrow I will chair my last cabinet meeting. On Wednesday I will attend the House of Commons for prime minister's questions. And then after that I expect to go to the palace and offer my resignation. So we will have a new prime minister in that building behind me by Wednesday evening...

Britain's Theresa May launches bid to succeed PM Cameron post Brexit Interior minister   Theresa May   vowed to unite   Britain   as she launched her bid to succeed   David Cameron   as prime minister with a letter to   The Times , the newspaper has reported. The Conservative leader resigned in the wake of Britain's vote to leave the European Union in a June 23 referendum that sent shockwaves through the continent. Like Cameron, May supported remaining in the bloc but played a low-key and conciliatory role in the campaign that has seen her tipped as a unifying figure. In her letter to   The Times , May announced a "mission to make Britain a country that works for everyone," according to the broadsheet yesterday. "If you're from an ordinary, working-class family, life is just much harder than many people in politics realise," May wrote. The appeal to working-class voters by the vicar's daughter was aimed at her main rival for the le...

Brexit impact: 10 things to know about the political storm in UK Even as   Britain   is coming to terms with its electorate’s vote to exit the   European Union (EU), political turmoil in the UK has escalated too. While the European Union has asked UK to initiate the exit process swiftly, Scotland could throw a spanner in the works as it had voted to ‘remain’ in the EU. Meanwhile, the Labour Party is facing a revolt from its senior leaders, even as uncertainty prevails over Prime Minister David Cameron’s successor. Cameron quit the day the results of the   Brexit   referendumcame in, leaving it to his successor to deal with what will likely be a messy exit. Here are 10 things to know about the political crisis that has hit the UK. Scotland's threat Scotland is said to be considering a referendum to be independent from UK if Britain actually manages to exit the EU. The move is said to be under consideration after the nation voted to ‘remain’ in the E...

Brexit: EU referendum voting gets undeway in UK Polling stations across the United Kingdom opened on Thursday morning to decide the historic   referendum   on whether the country should remain a member of the European Union   or leave the politico-economic union of 28 member states. The   voting   will take place between 7 a.m. and 10 p.m. local time. The national referendum is the third in UK history and comes four months after battle for votes between the 'Leave' and 'Remain' campaigns. Prime Minister David Cameron criss-crossed the country in a final effort to warn Britain's voters against rejecting the   EU   in the historic poll yesterday. This decision will also read as a referendum on his premiership. Last night, he was joined by former prime ministers Gordon Brown and Sir John Major, the Liberal Democrat leader, Tim Farron, and the Green MP Caroline Lucas, at events in Bristol and Birmingham, reports the   Guardian . The ...