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.
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.