homemarket Newsstocks News

Buzzing stocks | TCS up over 1% on 'material multi year contract' with large US company

Buzzing stocks | TCS up over 1% on 'material multi-year contract' with large US company

By CNBCTV18.com Apr 5, 2022 12:22:23 PM IST (Updated)

Shares of Tata Consultancy Services (TCS) gained as much as 1.33 percent on Tuesday after the IT services company said it has signed a 'material multi-year contract' with a large US company, expanding its long-standing partnership to accelerate their cloud transformation journey.

Recommended Articles

View All

Shares of Tata Consultancy Services (TCS) gained as much as 1.33 percent on Tuesday after the IT services company said it has signed a 'material multi-year contract' with a large US company, expanding its long-standing partnership to accelerate their cloud transformation journey.
At 11:30 am, shares of TCS were trading at Rs 3815, up 45.20 points or 1.20 percent higher at the BSE.
The shares touched a 52-week high of Rs 4,045.50 on January 18, 2022 and a 52-week low of Rs 3,004.80 on May 3, 2021. It is trading 5.75 percent below its 52-week high and 26.9 percent above its 52-week low.
Also Read:
According to TCS, the transformation will act as a platform for future growth, enabling business expansion, incubating new business models, increasing customer experience, and other strategic benefits, according to a regulatory filing.
TCS in a regulatory filing with BSE said that it "has signed a material multi-year contract with a large American company expanding its long-standing partnership to accelerate their cloud transformation journey and transform their technology landscape into a modern hybrid cloud stack for greater agility, flexibility, and improved operational resilience."
Advanced cognitive automation skills will be used to fuel the cloud-based operating model, which will improve the availability of business applications and improve the user experience.
Market expert JC Parets of All star Charts said that IT in India has remained relatively strong and TCS is right there at the top.
"When you look at IT around the world technology, in general, has been weak, but IT in India has remained relatively strong and TCS is right there. If TCS is above Rs 3,500 we want to be long with a target up near Rs 4,700. So even though technology has been weak around the world, you have seen that relative strength in India and I think we need to respect that," Parets said.
 
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!