Kuwait Clearing Company selects TCS BaNCS solution

Tata Consultancy Services (TCS), a leading IT service, consulting, and business solutions organization, has announced that TCS BaNCS for Market Infrastructure has been selected by the Kuwait Clearing Company (KCC) for Central Counter Party (CCP) Services.

KCC is the central clearing, settlement, and depository entity for all securities and derivatives traded at the Boursa Kuwait, which manages the operations of the Kuwaiti capital market. KCC also provides registrar and trustee services to companies and investment funds and performs local and regional custody services for both local and foreign investors.

The choice of TCS and TCS BaNCS for Kuwait's CCP initiative further strengthens TCS' positioning as a transformation partner for such large and complex initiatives. TCS had earlier implemented a modern and robust central securities depository and registrar solution at KCC, as part of its first wave of modernization.
A part of the Tata group, India's largest multinational business group, TCS has more than 400,000 of the world's best-trained consultants in 46 countries. The company reported consolidated revenues of US $19.09 billion for the year ended March 31, 2018. For the quarter ended June 30, 2018, company posted consolidated revenue of Rs. 34,261 crore as against Rs. 29,584 YoY. TCS’s net profit for the period was Rs. 7,362 crore.
On 27 September 2018, at 9.50 am stock was trading at Rs. 2149.70 per share which was 0.39 per cent higher than the previous close. While the benchmark index BSE Sensex was at 36597, 54 points higher than last trading session.