Tata Consultancy Services Ltd. surged to a record high after the Indian giant announced a share buyback of as much as 160 billion rupees ($2.2 billion) and said technology spending was recovering faster than anticipated.
Asia’s largest software outsourcing provider reported a larger-than-expected 7% fall in net income to 74.7 billion rupees in the September quarter. But Chief Executive Officer Rajesh Gopinathan said IT budgets were bouncing back and growth should accelerate as clients spend on digital services such as cloud migration, security and work tools to trim costs and adjust to a post-pandemic environment.
Like Infosys Ltd. and Wipro Ltd., TCS is struggling to serve global financial services giants and corporate clients after a nationwide lockdown forced hundreds of thousands of their employees to work from home. But spending is loosening as