Business
TCS share price today: IT giant stock rallies 4%; market cap crosses Rs 15 lakh crore for the first time
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TCS share price today: Tata Consultancy Services (TCS) witnessed a significant surge in its shares, reaching an all-time high of Rs 4,135.9 on Tuesday’s trade on the Bombay Stock Exchange. Additionally, the company’s market cap also crossed the Rs 15 lakh crore mark for the first time.
At 11:35 AM, shares of TCS were trading at Rs 4,101.10, up Rs 128 or 3.23% on the Bombay Stock Exchange,
The surge in the stock price can be attributed to TCS announcing a multi-year deal with Europ Assistance, a global assistance and travel insurance company, states an ET report. As part of the deal, TCS will expand its delivery centers in Europe and other regions to provide end-to-end enterprise IT application services to Europ Assistance.
TCS will also utilize its proprietary solution, ignio AIOps, from its Digitate suite of offerings to enhance operational resilience and business agility for Europ Assistance. This solution will provide actionable insights into Europ Assistance’s technology stack, ultimately improving productivity and availability.
The partnership between TCS and Europ Assistance will also focus on co-innovation, exploring novel use cases using generative AI and other advanced technologies.
In terms of financials, TCS reported higher-than-expected revenue in Q3 FY24. The company’s consolidated net profit for the quarter stood at Rs 11,058 crore, representing a 2% year-on-year growth. Additionally, the revenue increased by 4% to Rs 60,583 crore. However, the bottomline fell short of expectations due to a one-time charge of Rs 958 crore towards the settlement of a legal claim. In a sequential comparison, there was a 1.5% increase in revenue, accompanied by a 2.5% decline in profit.
Despite this, TCS maintained a steady EBIT margin of 25%, reflecting its strong performance in the market.
At 11:35 AM, shares of TCS were trading at Rs 4,101.10, up Rs 128 or 3.23% on the Bombay Stock Exchange,
The surge in the stock price can be attributed to TCS announcing a multi-year deal with Europ Assistance, a global assistance and travel insurance company, states an ET report. As part of the deal, TCS will expand its delivery centers in Europe and other regions to provide end-to-end enterprise IT application services to Europ Assistance.
TCS will also utilize its proprietary solution, ignio AIOps, from its Digitate suite of offerings to enhance operational resilience and business agility for Europ Assistance. This solution will provide actionable insights into Europ Assistance’s technology stack, ultimately improving productivity and availability.
The partnership between TCS and Europ Assistance will also focus on co-innovation, exploring novel use cases using generative AI and other advanced technologies.
In terms of financials, TCS reported higher-than-expected revenue in Q3 FY24. The company’s consolidated net profit for the quarter stood at Rs 11,058 crore, representing a 2% year-on-year growth. Additionally, the revenue increased by 4% to Rs 60,583 crore. However, the bottomline fell short of expectations due to a one-time charge of Rs 958 crore towards the settlement of a legal claim. In a sequential comparison, there was a 1.5% increase in revenue, accompanied by a 2.5% decline in profit.
Despite this, TCS maintained a steady EBIT margin of 25%, reflecting its strong performance in the market.
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