The study looked at how frequent buy-back announcements affect the stock return of an Indian IT company. They found that while there was a positive impact on the stock return when the announcements were made in the fiscal year 2017-18, this was not the case in the years 2018-19 and 2020-21. This suggests that the frequency of buy-back announcements doesn't always lead to a higher share price. However, after the announcements, there was a positive trend in the stock return, supporting the idea that these announcements can signal positive news. Overall, the mixed results show that the Indian stock market didn't always react as expected, and the impact of buy-back announcements varied over time.