TCS rose 1.51% to Rs 2,072.90 at 09:21 IST on BSE after the company said that Zions Bancorporation has chosen TCS BaNCS for its core banking transformation program.
Meanwhile, the S&P BSE Sensex was up 4.19 points, or 0.02%, to 20,978.98
On BSE, 11,593 shares were traded in the counter compared with average volume of 1.41 lakh shares in the past one quarter.
The stock hit a high of Rs 2,087 and a low of Rs 2,060 so far during the day. The stock hit a record high of Rs 2,258.05 on 15 October 2013. The stock hit a 52-week low of Rs 1,197.60 on 18 December 2012.
The stock underperformed the market over the past one month till 5 November 2013, rising 0.46% compared with the Sensex's 5.32% rise. The scrip, however, outperformed the market in past one quarter, advancing 9.4% as against Sensex's 9.34% rise.
The large-cap IT company 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, 5 November 2013, that Zions Bancorporation, one of America's premier financial services companies, has chosen TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program.
The depth of TCS BaNCS' capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western U.S. markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions' management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.
"TCS' demonstrated commitment and focus during the engagement process and earnestly showed us how we could leverage TCS BaNCS technology to achieve our objectives," said Joe Reilly, CIO of Zions Bancorporation. "The flexibility of the solution and speed of deployment were key criteria in our selection process. The modular components and multi-entity capability of TCS BaNCS tightly fits into our technology landscape."
"We are delighted that Zions Bancorporation has chosen TCS as technology partner to transform their enterprise," said N Ganapathy Subramaniam, President of TCS Financial Solutions. "We are taking the model bank approach to translate Zions Bancorporation's vision into a reality. By deploying TCS BaNCS, they can streamline and standardise their entire suite of products from both the bank's and the customer's point of view in the United States."
On a consolidated basis, TCS' net profit rose 20.7% to Rs 4633 crore on 16.6% growth in revenue to Rs 20977 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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