TCS gains after CUA adopts TCS BaNCS

TCS rose 0.74% to Rs 2,017.75 at 10:55 IST on BSE after the company said that Australia's largest customer owned financial institution, CUA, has adopted TCS BaNCS to reengineer its core banking and online banking system.

The announcement was made during trading hours today, 16 December 2013.

Meanwhile, the BSE Sensex was up 3.52 points, or 0.02%, to 20,719.10.

On BSE, so far 17,000 shares were traded in the counter, compared with an average volume of 1.13 lakh shares in the past one quarter.

The stock hit a high of Rs 2,027.95 and a low of Rs 2,008 so far during the day. The stock hit a record high of Rs 2,258.05 on 15 October 2013. The stock hit a 52-week low of Rs 1,197.60 on 18 December 2012.

The stock had underperformed the market over the past one month till 13 December 2013, sliding 2.40% compared with the Sensex's 2.58% rise. The scrip had also underperformed the market in past one quarter, rising 2.70% as against Sensex's 4.98% rise.

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

TCS announced that CUA - Australia's largest customer owned financial institution has implemented TCS BaNCS to reengineer its core banking and Online Banking system. The new solution expands CUA's capability to deliver more flexible and innovative products and services to customers. TCS BaNCS will also enable CUA to improve internal processes and efficiencies as well as facilitate enhanced customer service.

Commenting on the occasion of going live on TCS BaNCS, Chris Whitehead - CEO of CUA said "Our new core banking system provides a single integrated approach across all consumer banking products, including transaction banking, lending, mortgages and deposits, as well as online and mobile access. This level of integration is unmatched in the industry in Australia. Such a single enterprise view of the customer is already delivering a better experience for CUA."

Colin Sword, Country Head, TCS Financial Solutions - Australia and New Zealand, said, "We are pleased to go live with our ICS BaNCS software solution at CUA. TCS BaNCS will assist CUA to automate its banking processes and provide best-in-class customer service, thereby maximizing operational efficiency and reducing operational risk. CUA's new Online Banking platform will also provide customers with a modern, new look coupled with an easy to navigate online banking experience. Core to this success was outstanding teamwork; I would like to congratulate CUA and the team on this transformation success."

On a consolidated basis, TCS' net profit rose 20.7% to Rs 4633 crore on 16.6% growth in revenue to Rs 20977 crore in Q2 September 2013 over Q1 June 2013.

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

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