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@article{191105,
        author = {Dr. Bhautik Nagariya},
        title = {Market Reaction to Share Buyback Announcement – Special Reference to TCS Buyback 2024},
        journal = {International Journal of Innovative Research in Technology},
        year = {},
        volume = {12},
        number = {no},
        pages = {810-814},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=191105},
        abstract = {Share buyback announcements often serve as strong market signals that reflect management's confidence, efficient capital structure decisions, and potential undervaluation of shares. In 2024, Tata Consultancy Services (TCS) announced one of the largest buyback programs in India, attracting significant investor interest and generating observable stock price reactions. Using the event study methodology, this research evaluates whether the buyback announcement created positive abnormal returns for shareholders.
The study uses secondary data from NSE, BSE, and Yahoo Finance. Daily abnormal returns (AR), average abnormal returns (AAR), and cumulative abnormal returns (CAR) are computed over a defined event window. The results indicate a positive investor reaction immediately around the buyback announcement date, confirming that buybacks convey favourable information to the market.
This paper contributes to the literature by providing contemporary empirical evidence from one of India’s leading IT companies and by highlighting how corporate actions influence capital market efficiency in the Indian context.},
        keywords = {Share Buyback, Event Study, Abnormal Returns, Cumulative Abnormal Returns, Market Reaction, Tata Consultancy Services (TCS)},
        month = {},
        }