TCS hits 52-week high on mega business wins

IT major Tata Consultancy Services ( Tata Consultancy Services) was trading at its 52-week high on Wednesday, following a stream of news flow on new business wins. The company signed a 10-year deal worth US$690 million with M&G Prudential, the European savings and investments business unit of Prudential. The agreement is for the digital transformation of M&G Prudential's 4 million customer policies in the UK.

Earlier in the week, TCS entered a multi-year contract for more than $2 billion with Transamerica to enable the digital transformation of its US insurance and annuity business lines. Transamerica is a leading provider of life insurance, retirement and investment solutions in the US.

The company also launches HOBS, an advanced Digital Subscription Platform on Microsoft Azure which enables communication service providers and digital businesses to better organise their back-office operations.

TCS has won 11 key deals in Q3 of which five were in North America, three in Europe, two in the UK and one in APAC. The company reported consolidated Q3 revenue of Rs. 30,904, with Net Income of Rs. 6,531 crore. Retail vertical showed a turns around of 3 per cent YoY, while Digital revenue was up 39.6 per cent YoY. Also, TCS has declared a third Interim Dividend of Rs. 7.00 per equity share. The record date fixed for the dividend is January 23, 2018, and will be paid on Wednesday, January 31, 2018.

At 11:30 hours, Tata Consultancy Services was quoting Rs. 2907.05 per share, up by Rs. 56.20, up 1.97 per cent on Wednesday.