Mumbai: Tata Consultancy Services Ltd’s (TCS) market cap surged past the 8 trillion mark for the first time today, making it only the second Indian company after Reliance Industries Ltd (RIL) to achieve the milestone. TCS share price rose 1.7% to a record high of 2091 on the BSE today, imparting the IT bellwether a market cap of 8.01 trillion. Of the 50 brokers tracking the TCS stock on Bloomberg, as many as 22 recommend a “buy” rating, eight “sell” the stock 20 a “hold” rating.

Shares of information technology (IT) companies continued their upward journey with Nifty IT and the S&P BSE IT index hitting their respective new highs on weak rupee against the US dollar.

Nifty IT index (15,796) and the S&P BSE IT index (15,578), up nearly 2% each have touched new high on Friday. In comparison, the benchmark indices were up 0.4% each.

In a bid to improve the quality of services offered by vendors for containerized movement of cargo at the first and last mile, state-run Container Corporation of India (Concor) has roped in Tata Consultancy Services (TCS) to strengthen its mobile app to facilitate continuous reverse auction for the first time among vendors.

Demand is back in the banking, financial services and insurance (BFSI) segment for IT services, but this time, the pattern is different. While traditionally, majority of the large deals in the BSFI space were in areas such as migration of legacy processes to core banking implementation, the newer deals are more front-end with more focus on consumer experience. This is being led by newer technologies such as artificial intelligence, big data & analytics and block chain.

Country’s largest IT services company Tata Consultancy Services (TCS), bouyed by its BFSI turnaround in the first quarter of FY19, has said the growth of the vertical is sustainable at least in the medium term as the banking, financial services & insurance sector has moved from compliance phase to growth trajectory, worldwide.

Shares of Tata Consultancy Services (TCS) rose 3% to Rs 1,928 per share on the BSE in early morning trade after the country’s biggest software services exporter posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

Tata Consultancy Services has informed that its promoter, Tata Sons, will be participating in the proposed share buyback initiative, in an exchange filing.

"We would like to inform you that the promoter and promoter group of the company have communicated the intention to participate in the proposed buyback," said the company in a statement.

BENGALURU: Tata Consultancy Services grew its revenue in the double-digit range in France to $200 million in FY18, the first time those figures have been disclosed, and expects growth to rev up as the European economy improves.

Indian IT companies have been focusing on Europe to reduce their US dependence, where protectionist economic policies and slower spending by large banks is putting a crimp on growth.

Mumbai: Shares of information technology companies, including Tata Consultancy Services Ltd and Infosys Ltd, gained on Wednesday as the Indian rupee weakened to a 19-month low against the US dollar. NSE’s Nifty IT Index gained 1.11% at 10.57 am. The Nifty 50Index was down 0.20%.

Tata Consultancy Services (TCS) has expressed concerns regarding the government’s decision to utilise postal department staff as citizen service executives at post office passport seva kendras.

The decision was in contravention of the provisions of the master services agreement signed between the company and the Ministry of External Affairs (MEA) on October 13, 2008, TCS said.

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