It is all about cash distribution to shareholders and globally large institutional investors do put pressure on cash rich companies to reward shareholders by buying back shares. There have been demands from institutional shareholders that IT companies sitting on loads of cash distribute benefits to shareholders in the form of buybacks. The entire debate was triggered off when Cognizant announced a $3.4 billion buyback of shares a couple of weeks ago. This was followed by strident demands from investors and ex-employees of Infosys to buy back shares as a means of rewarding shareholders. Major IT companies like TCS, Infosys, Wipro and HCL Tech are estimated to be sitting on a combined cash pile of $16 billion. With limited opportunities for large capital investments or for strategic acquisitions and mergers, there have been strident demands for distributing this cash in the form of special dividends or in the form of buyback of shares. The TCS management had indicated about the likelihood of a buyback on February 15th and therefore the announcement on Feb 20th was a logical culmination to the same.