1 min read.Updated: 28 Dec 2020, 02:25 PM ISTAvneet Kaur
The shares of the IT companies are on a record breaking spree after Infosys and Wipro announced large deal wins
Analysts believe, that could further accelerate the IT sector's momentum
Shares of Tata Consultancy Services (TCS), India's largest IT services climbed 1.3% intraday to hit an all time high of ₹2,948 per share on NSE with market capitalisation of ₹11.03 lakh crore. The shares of the IT companies are on a record breaking spree after Infosys and Wipro announced large deal wins. Analysts believe, that could further accelerate the IT sector's momentum. They are positive on IT sector as they believe the large deal wins by these companies will work in their favour.
The Nifty IT index is hovering around its all time high. The index had hit its fresh high last week.
TCS announced the acquisition of Postbank Systems AG (PBS) from Deutsche Bank in Nov 2020. The deal would help TCS get scale in Germany and strengthen its growth outlook. Under the deal, 1500 employees of PBS would get transferred to TCS. In Nov 2020 itself, TCS deepened strategic partnership with Prudential Financial (PFI), under this TCS would acquire staff & select assets of Pramerica systems (PFI unit in Ireland).
Last month, TCS shareholders had approved a proposal to buy back up to 5.3 crore shares of the company, having a face value of Re 1 each at ₹3,000 per scrip. TCS share buyback programme of up to ₹16,000 crore at a price of ₹3,000 per share is open. The buyback offer will close on January 1.