TCS gains on bagging UK contract

The stock extended gains and touched a high of Rs 628 - up 3.5%. The stock finally settled at Rs 626 - up 3%. The counter witnessed trades of over 1.11 million shares as against the two week daily average trade of 439,298 shares on the BSE.
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(Updated at 1043 hrs)

Tata Consultancy Services (TCS) is trading at Rs 621, higher by Rs 13 or 2% on the BSE. The stock had opened at Rs 615 and has touched a high of Rs 624 and a low of Rs 613 thus far.

India’s largest information technology services provider has been chosen as a strategic IT partner for 15 years by the City Council of Cardiff in Britain.

TCS will bring its global technical expertise and private sector commercial know-how to support a major change in the way the council’s technology infrastructure supports its day-to- day operations and facilitates improved service delivery to the citizens and communities of Cardiff.

The contract value is close to £150 million (around Rs 1,160 crore), according to analysts. The other contenders were IBM and BT Global Services.