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TCS gains on joining IIC

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TCS rose 0.69% to Rs 2,460 at 9:19 IST on BSE after the company announced that it has joined the Industrial Internet Consortium.

Meanwhile, the BSE Sensex was down 33.75 points, or 0.13%, to 26,747.69

On BSE, so far 3,326 shares were traded in the counter, compared with an average volume of 74,000 shares in the past two weeks.

The stock hit a high of Rs 2,471.90 and a low of Rs 2,444 so far during the day. The stock hit a record high of Rs 2,834 on 7 October 2014. The stock hit a 52-week low of Rs 2,000.50 on 19 May 2013.

India's largest IT services provider by sales has an equity capital of Rs 195.87 crore. Face value per share is Re 1.

Tata Consultancy Services (TCS) announced after market hours on Tuesday, 16 December 2014, that the company has joined the Industrial Internet Consortium (IIC). The membership provides TCS an opportunity to contribute to the innovation, best practices and transformational opportunities that the Industrial Internet offers. The IIC comprises leading global research universities, organisations and government bodies, and it offers an unparalleled opportunity to coordinate industry-wide efforts around building reference architecture and technology testbeds, TCS said in a statement

IT major TCS in its business update for Q3 December 2014 issued after trading hours on Friday, 12 December 2014, said that currency fluctuations will have a marginal positive impact on the company's earnings before interest and tax (EBIT) in Q3 December 2014. The target EBIT margin band for Q3 December 2014 remains unchanged, TCS said. There will be adverse currency impact of 20 basis points (bps) on constant currency revenue in rupee terms in Q3 December 2014. There will be adverse currency impact of 220 bps on constant currency revenue in dollar terms in Q3 December 2014. TCS said that revenue in Q3 December 2014 is expected to be in-line with the seasonal trends. Retail, manufacturing and Hi-Tech verticals are likely to see impact of holidays and furloughs. The BFSI vertical continues to be impacted by weakness in insurance and products. Telecom and smaller verticals are expected to grow better than the company average. Demand environment in North America is on expected lines, adjusted for seasonal weakness. TCS expects business in Europe to grow better than average while the business in UK remains weak due to seasonality and impact of insurance. TCS said that the strength in the IT infrastructure services vertical continues.

On a consolidated basis, TCS reported 5.8% fall in net profit as per Indian GAAP to Rs 5244 crore on 7.7% growth in revenue to Rs 23816 crore in Q2 September 2014 over Q1 June 2014.

TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

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First Published: Wed, December 17 2014. 09:14 IST