A buyback by Indian IT firms will lead to limited value creation for shareholders
Last updated: 14-Nov-2022•Ashish Jain
US-based IT major Cognizant Technology Corporation has recently announced that it will return $3.4 billion to shareholders over the next two years in the form of dividends and share buybacks. Cognizant is sitting on a cash pile of $5.2 billion as on December 31, 2016, along with annual $2.1 billion in cash flow from operations. Limited investment opportunities and the entry of Elliot Management, an activist investor, forced Cognizant to announce such a move
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