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TCS gains on bagging ABB deal for cloud service management

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TCS rose 1.99% to Rs 2,310 after the IT major said it bagged a deal from ABB Information Systems for transforming its tech hosting infrastructure and cloud service management.

The Swiss technology company identified TCS as its service partner as part of the organisation's efforts to rationalise its IT operations. Through the transformation TCS will optimise, simplify and improve the quality assurance of services via automation and consolidation of services housed in ABB's data centers. This will be done inline with ABB's new operating model, and TCS said it will be using its Ignio software for automation. Financial details of the deal were not disclosed.

TCS 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.

TCS is an IT services, consulting and business solutions organization.

On the technical front, the stock's RSI (relative strength index) stood at 61.206. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 2,230.71 and its 200-day moving average (DMA) placed at 2,075.26.

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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: Thu, September 03 2020. 12:14 IST