HCL Technologies approves ₹3,500 crore share buyback plan

India's fourth-biggest software services exporter HCL Technologies will buy back shares worth up to ₹3,500 crore, following a similar move by TCS. HCL Tech approved a repurchase of up to 3.5 crore shares at ₹1,000 each. Notably, IT firms with large amounts of unused cash reserves, are opting for share buybacks to return the surplus cash to shareholders.