TCS share price jumped 4.4 per cent to Rs 2,435 apiece on BSE after the company announced a partnership with maurices, a women’s fashion-apparel retail chain in the US and Canada, to help create a new flexible and scalable IT landscape for the latter. Earlier this week, Tata Consultancy Services stock price hit a fresh 52-week high of Rs 2,554 apiece. Since the start of this week, IT giant has made a slew of announcements such as the strategic partnership with Morrisons, general availability of Quartz suit of blockchain, deployment of AI-Powered software and launch of a private off-grid networking platform using blockchain with Yale University. Suyog Kulkarni, Senior Analyst- IT services at Reliance Securities, expects TCS to remain a key beneficiary of buoyant tech demand given its global scale, diversified clientele and strong cash-rich balance sheet.
With today’s gain in the stock price, TCS shares have rallied 62 per cent from March lows of Rs 1,504.40 apiece. Around 10.15 AM, TCS shares traded 2.82 per cent higher at 2,397.35 apiece, as compared to a 0.70 per cent gain in the S&P BSE Sensex. Maurices has selected TCS as its digital transformation partner to help build its greenfield IT ecosystem that will optimize more than 200 existing applications and software components in the next 17 months of their transformational journey. According to the company’s press release, TCS will help maurices strategize, create and operationalize the new scalable, secure and future-proof architecture for the underlying IT infrastructure, security layer, and a new application stack, as well as remediate its technical debt.
In addition, TCS will help maurices build a brand-new data analytics platform with extensive reporting features. “We are creating a greenfield IT and Infrastructure that will lay the foundation for the growth of maurices’ business and operations. TCS being the industry leader has been chosen as our SI partner to implement the Project Split Rock, the initiative to stand up the IT Ecosystem,” said Fred Argir, Chief Information Officer & Chief Digital Officer, maurices.