To me, one of the indications that Indian IT is out of ideas & unlikely to move up the value chain was a string of stock buybacks this year by all major players

To me, one of the indications that Indian IT is out of ideas & unlikely to move up the value chain was a string of stock buybacks this year by all major players. I believe a company invests in stock buyback when it feels that it does not have any other better uses of the money. Basically, they dont have/ can't find avenues to invest money where the shareholder growth will be much better than buyback.