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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...

Reserve Bank Governor Raghuram Rajan on Wednesday sought to ease fears amid the stock market plunge and therupee nearing its lowest-ever level, saying things will stabilise and people will look at stable emerging markets, including India. The rupee, Rajan said, has been "relatively strong" in the emerging-market currency basket, but India is affected by the "same kind of jitters" hitting other world markets. "My sense is that, at this point, if you are an emerging market, you focus on fundamentals, try and get inflation down, try and get your current account deficit down, keep your fiscal on target, do all the good things, and then people reward you," he said in Davos. ALSO READ: Raghuram Rajan urges Oz firms to invest in Indian market Investors "take the money off the table in a hurry when they are doing it everywhere, but then they come back". "My sense is that after the initial volatility, things will stabilise, people will tr...

As the government readies an action plan for startups, an investors’ body today sought tax incentives on investments and easier norms for opening and closure of a company to give a boost to such ventures. Investors’ association TiE Silicon Valley President Venktesh Shukla said a large number of startups are failing and “we should allow them to close their units in an easy way. It is extremely critical because lot of their energy is wasted in unproductive work”. Norms should also be eased for Indian startups to raise money, he said while interacting with media on the ‘Startup India’ event to be held tomorrow, when Prime MinisterNarendra Modi will unveil an action plan to encourage budding entrepreneurs. ALSO READ: Creating the right environment to boost India’s startup ecosystem The other members of the association asked for tax incentives in all investments coming from the US. Kanwal Rekhi, managing director of Inventus Capital said that India does not impose tax on investm...