TCS stock needs to rise another 3 per cent to hit Rs 12 trillion market-cap
Analysts at Motilal Oswal said the multiple mega deal wins in Cloud and Captive should add incremental growth to the sector's already buoyant organic growth momentum
In the past 10 months, large Indian IT services firms had signed a number of major outsourcing projects involving millions of dollars.
The gains in the indices were led by IT majors Infosys and TCS
The large deal wins for both Infosys and Wipro reinforces positive stance on the IT Services industry, analysts at Motilal Oswal said
Nifty IT index hit a record high of 23,408, up 2% on the NSE
Nifty futures on SGX were trading higher, indicating a firm start for Indian stock markets
The buyback offer will close on January 1, 2021.
All that happened in the markets today
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021
Women make up 28 per cent of employees, much higher than the 17 per cent average in the UK IT sector.
Kohli was the founding chief executive of sector leader TCS and pioneered the country's 'Technology Revolution' which helped India build its USD 100 billion IT industry
The TCS board on October 7 had approved a buyback of Rs 16,000 crore to buy back around 53.3 million shares at Rs 3,000 per share
Manufacturing made up 27.5 per cent of India's GDP in 2019, lowest in two decades, showing the share of the sector continues to shrink in the economy despite the government's Make-in-India push
The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer
The solution uses artificial intelligence techniques
Meanwhile, Dr Reddy's Laboratories, Cipla, Infosys, HCL Technologies were up between 25 per cent and 75 per cent.
No cash will change hands and TCS will take on more than 1,500 Pramerica employees.
From govt announcing fresh stimulus aimed at creating jobs to TCS acquiring Pramerica Tech Services, Business Standard brings you the top headlines of the day
According to Axis Securities, the small and midcaps are picking up steam and they should deliver solid returns in 2021 as economic uncertainties will reduce and volatility will decline