TCS advances as foreign brokerage reiterates its outperform rating

TCS rose 2.37% to Rs 2,407.40 at 12:52 IST on BSE after a foreign brokerage reportedly reiterated its 'outperform' rating on the stock.

Meanwhile, the S&P BSE Sensex was up 119.42 points or 0.48% at 24,796.79

On BSE, so far 31,702 shares were traded in the counter as against average daily volume of 82,695 shares in the past one quarter. The stock hit a high of Rs 2,414.95 and a low of Rs 2,363 so far during the day. The stock hit a 52-week high of Rs 2,769 on 5 October 2015. The stock hit a 52-week low of Rs 2,119 on 29 February 2016. The stock had underperformed the market over the past one month till 17 March 2016, rising 3.24% compared with 5.54% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, falling 3.63% as against Sensex's 4.37% fall.

The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Re 1.

According to reports, the foreign brokerage retained its outperform rating after the TCS management demonstrated the company's capabilities and investments in the digital services business at an analyst meeting held yesterday, 17 March 2016. The foreign brokerage is convinced about the management bandwidth to steer the company when technology is fast evolving, reports added.

TCS' consolidated net profit fell 0.02% to Rs 6083.39 crore on 0.68% rise in total income to Rs 28058.19 crore in Q3 December 2015 over Q2 September 2015.

TCS is an IT services, consulting and business solutions organization. The company offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

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