TCS to win Rs 500 crore deal from Reuters

The stock of Tata Consultancy Services (TCS) was buzzing on Monday following the news. The stock has been gaining for the last 2 days and has risen 1.14 per cent in the period.

On Monday, the stock was quoting Rs. 2,067.85 per share, up by 0.22 per cent at 11:53 hours, when the benchmark index bleeding at 37,684.07, down by 406.57 points or 1.07 per cent. However, the IT index was bullish, Nifty IT was at 16,115.40, up by more than 42.90 points or 0.27 per cent. 

There is buzz in the market that TCS is slated to win approximately Rs. 500 crore deal from Thomson Reuters for infrastructure management services and application development, reported a leading business daily on Monday. TCS, which provides IT services and business solutions, has pipped its peers including Wipro, Mphasis and IBM to bag this deal. Thomson Reuters is a leading news and information distributing company operating in more than 100 countries for over a decade. 

TCS's market capitalization is hovering around Rs. 8 trillion mark, which second only to Reliance Industries. The company's share buyback program closes on September 21, at Rs. 2,100 per share. TCS plans to buyback more than 76 million shares which form around 1.99 per cent of its paid-up equity capital.