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TCS partner with Prodata for Malaysian market. Technical's say investors should stay away
The two organizations will jointly identify opportunities as part of 'go-to-market' efforts to provide IT services and secure tenders from government agencies, TCS said in a statement.
It further added, that the collaboration will be the first between the two organisations to pool their expertise. "This is expected to impact the IT industry positively, both in the Malaysian and regional markets," it said.
Vish Iyer, TCS President (Asia-Pacific) said, "The full potential of this relationship is to combine the global experiences of TCS with the in-country knowledge and capabilities of Prodata for the benefit of Malaysian customers."
The agreement between the two companies states that they will jointly develop and market IT solutions and services to local companies, Malaysian government-linked companies (GLCs) and global companies within Malaysia.
The company also added, TCS and Prodata, will share their technology expertise in areas including but not limited to open source solutions, SAP-ERP application, application development and maintenance, shared services (BPO), infrastructure services and business intelligence and performance management (BIPM).
After this announcement the stock rallied, along with other IT stocks. It has corrected over 4% in last five sessions.
Investors are concerned about the performance of technology stocks considering the worseing situation in Europe and looming recession in US, this will impact the profit margins. Big-ticket IT companies tend to generate approximately 60% of their revenues from the US and Europe.
VIEW: Technicals show that the stock is in a falling pattern. Fast STO is signals a downward movement and there is a bearish signal. It would be desirable to stay away from the stock.
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