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Tata Group Stock Now 2% Away From 52-Week Low As IT Sector Remains Worst Hit

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Shares of leading Tata Group stock, Tata Consultancy Services have witnessed a decline of nearly 21% in the last one year. The current market price of TCS is Rs 3024 apiece with an intraday surge of 0.74%. The stock's 52-week high is 4045 apiece and 52-week low is Rs 2953 apiece.

 
Tata Group Stock Now 2% Away From 52-Week Low As IT Sector Remains Worst Hit

As the stock of TCS has been declining for the past 1 year, the shares are now trading just 2.4% away from its 52-week low level. TCS is a large-cap company and operates in the IT Software sector. The Indian IT sector has emerged as the worst hit due to several factors.

The India IT sector continue to bear the brunt amid the bearish sentiment and a surge of inflation in the US markets that have dented the sales, revenue, and growth of IT stocks. Also, when Indian Rupee declines against US Dollar, the IT sector gains and vice-versa as the Indian Rupee and IT stocks are inversely proportionate to
each other.

The next possible reason behind the decline in the IT Sector stocks is the likely recession conditions looming in the US and European markets. Experts believe that if recession hits US, it will impact the IT companies based in India as a large number of these companies get their revenue from US.

The interest rates are surging in many countries and the threat of recession is increasing the bearish sentiments in the global markets. The prevailing bearish sentiments cause a decline in revenue, sales, and growth of IT sector companies.
TCS has a market capitalisation of Rs 11,06,497 crore. Recently, leading brokerage house HDFC Securities, in its 1-week back report, has assigned buy rating to the stock for a target price of Rs 3,620 apiece. The brokerage believes that the share of TCS may surge 16%.

 

Meanwhile, Emkay Global, in its 1-week back report, has maintained hold rating and revised the target price to Rs 3250 apiece.

TCS has announced a consolidated total income of Rs 53,547 crore, up 3.83 % from last quarter total income of Rs 51,572 crore. It declared a net profit after tax of Rs 9,519.00 crore in latest quarter.

TCS offers a consulting-led, cognitive-powered, integrated portfolio of business, technology, and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.

Story first published: Thursday, September 22, 2022, 12:20 [IST]
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