IT giant TCS hit a new high of Rs 2,172, up 3%, extending its Friday’s 1.3% gain on the BSE. In past six months, the stock outperformed the market by surging 54% against 12.3% rise in the S&P BSE Sensex. A sharp rally in the market price of the stock has seen TCS market captialisation crosses Rs 8.3 trillion marks during intra-day trade today.
Infosys too gained 3% at Rs 728 on the BSE in intra-day trade, erasing its entire 2% fall on Friday. Tech Mahindra, Mphasis, Firstsource Solutions, Persistent Systems, HCL Technologies and Larsen & Toubro Infotech from the BSE IT index were up in the range of 1% to 2%.
At 11:19 am; the S&P BSE IT index, the largest gainer among sectoral indices, rallied 2.3% as compared to 0.65% decline in the S&P BSE Sensex.
“The central bank had invited of expression of interest (EOI) in July for identification of solution provider for implementation of CIMS by overhauling the Data Warehouse (DW) of the apex bank. After evaluation of the responses, the RBI said "it has been decided to shortlist" five vendors for the issuance of 'Request for Proposal' (RFP) for selection of the vendor for CIMS development and implementation,” the PTI report suggested.
The vendors are: Capgemini Technology Services India, IBM India, Infosys, Larsen & Toubro Infotech and Tata Consultancy Services, added the report.
Meanwhile, the brokerage firm Sharekhan maintains Buy rating on TCS with a revised price target of Rs 2,400, led by earnings upgrade (rupee reset) and rollover of a target multiple to average FY2020/FY2021E earnings.
TCS is on track to achieve double-digit CC revenue growth in FY2019, given large deal ramp-ups, improving economy in developed markets and rupee depreciation. TCS is expected to deliver strong growth rates among its peers with revenue and earnings CAGRs of 13% and 14%, respectively, over FY2018-FY2021E, the brokerage firm said in a note.