The shares of a leading Indian IT organization, Tata Consultancy Services has now recorded an all-time high price on the National Stock Exchange (NSE).
Moreover, some other IT companies, including Infosys, Wipro, etc. have also shown a significant rise in the market shares.
Tata Consultancy Services Hits All Time High Market Share; Here’s Why
Tata Consultancy Services has noted an all time high in their share market price, when the shares hit the price of Rs 2,301.85, up to 1.8 per cent on the National Stock Exchange (NSE). the shares started at Rs 2,269 and rose 1.7 per cent, taking the capitalization of the market to Rs. 8,57,176 crore.
Prior to this, the company’s highest price of market shares was Rs 2,296, which was achieved on September 3, 2019.
The sole reason for this is the JP Morgan Funds bought the shares of TCS worth a whopping Rs 247 crore via an open market transaction. The TCS share price has boosted about 10 per cent in only five sessions of trading.
In a regulatory filing, TCS said, “…a meeting of the Board of Directors of TCS Limited is scheduled to be held on Thursday, July 9, 2020, inter alia to approve and take on record the audited financial results of the company under Indian Accounting Standards (Ind AS) for the quarter ending June 30, 2020.”
TCS, Infosys, HCL Technologies In Tier I Despite COVID-19 Pandemic
Research and brokerage firm, Motilal Oswal Financial Services continue to like TCS, Infosys and HCL Tech among Tier I despite the uncertainties posed due to the COVID-19 pandemic. The firm states that this is attributable to robust business models, high return ratios, strong management teams, and reasonable valuations.
Other than that, NIIT Technologies, Mindtree, Wipro, HCL Technologies, and Tech Mahindra also gained up to 7 % on the NSE. Whereas, Infosys, which is the highest gainer among the Nifty IT Index, was up by about 4 per cent to Rs. 792 on the NSE.