TCS rises after QNB deal

TCS rose 1.91% to Rs 2083.25 after the company said QNB selected the TCS BaNCS global securities platform for its capital markets operations.

TCS announced that QNB Group, the largest financial institution in the Middle East and Africa, has selected the TCS BaNCS Global Securities Platform (GSP) to support the digital transformation of its capital markets operations. QNB Group's presence through its subsidiaries and associate companies extends to more than 31 countries across three continents, providing a comprehensive range of advanced products and services.

The bank's growth strategy is to further expand its presence internationally, launching innovative products and a superior customer experience across the trade lifecycle, leveraging the latest technologies such as AI and Machine Learning. To support this strategy, QNB has selected the TCS BaNCS Global Securities Platform, a future-proof post-trade solution that can support an integrated securities back-office across multiple asset classes,channels, markets and users. The platform also supports QNB's digital transformation roadmap and future innovation plans.

Meanwhile, the S&P BSE Sensex was down 478.99 points or 1.23% to 38,618.15.

On the BSE, 1.41 lakh shares were traded in the counter so far compared with average daily volumes of 1.61 lakh shares in the past two weeks. The stock hit a high of Rs 2092.05 and a low of Rs 2057 so far during the day.

The stock hit a 52-week high of Rs 2296 on 03 Sep 2019. The stock hit a 52-week low of Rs 1784 on 29 Oct 2018.

On a consolidated basis, the IT firm's net profit rose 0.06% to Rs 8131 crore on a 0.43% increase in net sales to Rs 38172 crore in Q1 June 2019 over Q4 March 2019.

Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for the last fifty years.

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