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TCS M-Cap Crosses Rs. 9 Trillion; Stock Hits Fresh 52-Week High

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TCS shares after recording a rally in line with headline indices moved past a market cap of Rs. 9 lakh crore. The company's share price hit a record high of Rs. 2443.80 per share.

TCS becomes the second Indian company to achieve this feat after RIL.

TCS M-Cap Crosses Rs. 9 Trillion; Stock Hits Fresh 52-Week High
 

For the quarter ended June, the company reported weak set of numbers. Nonetheless as per the brokerage firm Edelweiss management's outlook on the stock remains positive driven by 3 factors such as upgradation of the core, spurt in increased spending so as to improve front end consumer experience as well as spending by clients on developing zero-touch experience.

"We believe TCS could see a decline in FY21E revenues mainly due to a weak first quarter. However, we expect the company to register healthy growth in FY22E mainly led by ramp up of deal pipeline and acceleration in digital technologies",said ICICI Securities . The brokerage maintains 'buy' rating on the stock with a target price of Rs 2,650 per share.

All in all the brokerages share a positive outlook for the stock in the quarters to come as there shall be reduced challenges on the supply side as well as increase in deals.

GoodReturns.in

Story first published: Monday, September 14, 2020, 11:33 [IST]
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