TCS share price hits new 52-week high on partnership expansion with supermarket chain Morrisons

TCS shares have rallied 41 per cent from March low of Rs 1,504.40 apiece

TCS share price hit a recent 52-week high of Rs 2,544.45 apiece, up 3.63 per cent in an in any other case weak market on Tuesday. The IT large, in a press launch, introduced that it has expanded its partnership with a number one supermarket chain within the UK, Morrisons, by a five-year contract for utility administration providers, information providers and cybersecurity providers. Tata Consultancy Services stock surpassed its earlier high of Rs 2,538 apiece on September 15, 2020. Analysts say that TCS enjoys a management place within the IT providers business pushed by robust new-age choices and finest at school strategies and practices. “In the last few quarters, TCS has secured strong order intake which provides near term growth visibility. We expect TCS will remain a key beneficiary of buoyant tech demand given its global scale, diversified clientele and strong cash-rich balance sheet,” Suyog Kulkarni, Senior Analyst- IT providers, Media and Internet at Reliance Securities, advised Financial Express Online.

TCS shares have rallied 41 per cent from March low of Rs 1,504.40 apiece. In the afternoon offers, TCS shares had been buying and selling 3.05 per cent greater at Rs 2,539.85 apiece as in comparison with a 0.55 per cent fall within the S&P BSE Sensex. The partnership between TCS and Morrisons will assist speed up the latter’s plan to simplify and modernise its expertise to enhance the buying journey, eradicate wasted effort and grow to be extra standard and accessible to its clients. Morrisons chosen TCS as its Application – Managed Services associate in 2016, to enhance the shopper and worker expertise. Since then, TCS has labored intently with the retailer to assist drive its progress and modernisation agenda throughout varied traces of enterprise, leveraging its complete portfolio of enterprise and expertise providers and options.

Research and brokerage agency Elara Capital has maintained an ‘accumulate’ score to TCS. “Large deals delayed in April and May have come back in the pipeline toward the end of June, with TCS appearing confident of signing incremental transformational deals,” it mentioned. While Motilal Oswal Financial Services expects a collection of earnings upgrades this quarter (Q2) ranging between 5-10% for large-cap IT names. “Over the medium term, we expect TCS to be a key beneficiary of the COVID-19-driven increase in technology intensity across verticals,” it mentioned. The brokerage agency additionally added that the continued traction in giant offers, a wholesome pipeline, and higher resilience in BFSI are encouraging components for TCS.

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