TCS gains after Bank of Bhutan selects TCS BaNCS for core banking solution

TCS rose 0.64% to Rs 2,513 at 14:45 IST on BSE after the company announced that the Bank of Bhutan has selected TCS BaNCS for its core banking solution to power its next generation banking services.

The announcement was made during market hours today, 28 July 2015.

Meanwhile, the S&P BSE Sensex was down 58.85 points or 0.21% at 27,502.53.

On BSE, so far 17,829 shares were traded in the counter as against average daily volume of 83,813 shares in the past one quarter.

The stock hit a high of Rs 2,518 and a low of Rs 2,500 so far during the day. The stock had hit a record high of Rs 2,834 on 7 October 2014. The stock had hit a 52-week low of Rs 2,348.25 on 16 December 2014.

The stock had underperformed the market over the past one month till 27 July 2015, falling 3.75% compared with Sensex's 0.9% decline. The scrip had also underperformed the market in past one quarter, rising 0.27% as against Sensex's 1.41% gain.

The large-cap IT services provider has equity capital of Rs 195.87 crore. Face value per share is Re 1.

Bank of Bhutan is the largest commercial bank in the Kingdom of Bhutan with a network of 46 branches, including extension branches, 62 ATMs, a state-of-the-art mobile banking solution and a dedicated Contact Center, fulfilling the banking needs of the public, business community and the Royal Government of Bhutan. Bank of Bhutan is at present on the Oracle FLEXCUBE CBS platform, having implemented it in the year 2009. With a focused goal of moving onto a high-growth trajectory, the bank has embarked on a project of upgrading its core banking system and has selected TCS BaNCS as the solution partner for this engagement and to replace the existing system, after an in-depth evaluation of shortlisted vendors from a broad array of leading IT software providers.

Bank of Bhutan attaches a high premium to the TCS brand, and is confident that TCS will deliver a high performance solution, combining a lower total cost of ownership and a significant improvement in operational efficiency. The bank selected TCS BaNCS for core banking, an award-winning solution from a solution provider known for its Experience Certainty promise.

TCS' consolidated net profit rose 53.1% to Rs 5684.12 crore on 4.15% rise in total income to Rs 26408.37 crore in Q1 June 2015 over Q4 March 2015.

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