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TCS gains after Morrisons expands partnership

Capital Market 

TCS rose 2.49% to Rs 2525.95 after the IT major announced the expansion of its partnership with Morrisons, a supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services.

Morrisons selected TCS as its Application - Managed Services partner in 2016 to improve the customer and employee experience. Since then, TCS has worked closely with the retailer to help drive its growth and modernisation agenda across various lines of business, leveraging its comprehensive portfolio of business and technology services and solutions.

As part of the expanded partnership, TCS will harness the power of AI and machine learning to augment human teams, improving operational resilience and boosting productivity.

TCS is an IT services, consulting and business solutions organization. It reported a 12.90% decline in consolidated net profit to Rs 7,049 crore on a 4.06% fall in net sales to Rs 38,322 crore in Q1 June 2020 over Q4 March 2020.

In the past six months, the stock has gained 41.12% while the benchmark S&P BSE Sensex gas added 26.71% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 22 2020. 13:25 IST
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