TCS gains after launch of insurance telematics solution

TCS rose 1.09% to Rs 2104 at 11:21 IST on BSE after the company announced the launch of TCS Insurance Telematics Solution, a mobile application that turns consumers' smartphones into mobile telematics devices.

The announcement was made after market hours on Thursday, 19 December 2013.

Meanwhile, the S&P BSE Sensex was up 57.01 points or 0.28% at 20,765.63.

On BSE, so far 36,000 shares were traded in the counter as against average daily volume of 1.10 lakh shares in the past one quarter.

The stock hit a high of Rs 2,118.25 and a low of Rs 2,055 so far during the day. The stock had hit a record high of Rs 2,258.05 on 15 October 2013. The stock had hit a 52-week low of Rs 1,215.75 on 19 December 2012.

The stock had outperformed the market over the past one month till 19 December 2013, advancing 2.52% compared with the Sensex's 0.87% fall. The scrip had also outperformed the market in past one quarter, surging 6.02% as against Sensex's 0.3% rise.

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

TCS said that facilitating usage-based insurance (UBI) practices that more closely align consumer driving patterns and habits with auto insurance premiums, the TCS Insurance Telematics Solution minimizes the need for a separate, potentially expensive, telematics device provided by the insurer.

TCS Insurance Telematics Solution is the latest in a series of product innovations from the company's Insurance Innovation Lab -- a state-of-the-art environment for customers to test new ideas and trial new solutions, TCS said.

On a consolidated basis, TCS' net profit rose 21% to Rs 4633.33 crore on 17% growth in sales to Rs 20977.24 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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