Tata's Largest Stock Nears 52-Week High; TCS To Transform Unemployment Insurance System In Georgia

Tata Consultancy Services (TCS) is not just the largest IT company in India but is also the largest stock held by conglomerate Tata Group. The share price of this tech giant rallied by nearly 2.5% and even neared its 52-week high, driving broader markets. The robust rally comes after the Georgia Department of Labor (GDOL) selected TCS to replace its 1980s-era legacy platform with a proven, agile, secure, and scalable cloud-based unemployment insurance system.

On BSE, TCS shares ended at Rs 3,589.10 apiece, up by 1.5% with a market cap of over Rs 13.13 lakh crore. TCS is the second largest firm in India after RIL in terms of market capitalisation. During trading hours, TCS jumped by 2.5% to touch an intraday high of Rs 3,624 apiece. The stock is currently a couple of rupees away from its 52-week high of Rs 3,633.05 apiece.

This system will streamline the claims process and ensure that eligible individuals receive prompt financial assistance and support when they need it most. The move comes after Georgia during a pandemic, experienced an unprecedented surge in unemployment claims - the third highest in the nation - placing tremendous strain on the state's aging 40-year-old unemployment system and underscoring the urgent need for change.

Hence, Georgia selected TCS as its partner to create an agile, modern system that eliminates technology debt and
enhances accessibility.

Georgia's decision to choose TCS is due to the company's demonstrated expertise in unemployment insurance modernization and track record of success in helping other states transform their unemployment insurance systems, some of those projects serving as the blueprint for the state's own modernization plans.

Bruce Thompson, Commissioner, Georgia Department of Labor. "A modern and responsive unemployment system minimizes claims processing times, enhances the customer experience, prevents fraud, and positions GDOL to become the most transparent and responsive agency in state government."

Also, Robert Kane, Chief Commercial Officer, U.S. Public Services, TCS said, "We are pleased to partner with the Georgia Department of Labor in their digital transformation journey to create a new seamless and secure unemployment system that will meet the evolving needs of claimants and
employers, streamline claims processing, reduce errors, prevent fraud, and improve the overall user experience."

Over the past two decades, TCS has built a reputation as a leader in helping transform legacy unemployment
insurance systems, partnering with Connecticut, Florida, Kansas, Maine, Mississippi, Missouri, New York, and
Wyoming in their transformation journeys. During the pandemic, TCS helped several states successfully
manage exponential increases in unemployment claims, including the integration of the Federal Government's Pandemic Unemployment Assistance.

TCS is one of the largest recruiters in the U.S. in the IT services industry. It employs more than 2,300 people
in the state of Georgia. TCS clients include nearly half the FORTUNE 500 companies - in industries ranging from banking and financial services to retail, life sciences and health care, manufacturing, and travel.

TCS' board of directors will be meeting on October 11, 2023, to approve and take on record the audited standalone financial results for the quarter and six-month period ending September 30, 2023. Also, TCS will consider the declaration of a second interim dividend to the equity shareholders.