TCS share price hits new 52-week high after UK supermarket chain Morrisons expands strategic pact
Published On: Tuesday, September 22, 2020 | By: Team KnowMyStock
Shares of Tata Consultancy Services (TCS) gained 2 per cent to Rs 2,523 in an otherwise weak market on Tuesday after the company said it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services. Tata Consultancy Services stock surpassed its previous high of Rs 2,538 apiece on September 15, 2020. TCS said the partnership will help accelerate the latter’s plan to simplify and modernise its technology to improve the shopping trip, eliminate wasted effort and become more popular and accessible to its customers. Morrisons selected TCS as its Application – Managed Services partner in 2016, to improve the customer and employee experience. Since then, TCS has worked closely with the retailer to help drive its growth and modernisation agenda across various lines of business, leveraging its comprehensive portfolio of business and technology services and solutions.
The company also expects cloud, customer experience, automation and cybersecurity-related digital technologies to gain traction in the long term. The brokerage firm expect the company to register healthy growth in FY22E mainly led by the ramp-up of deal pipeline and acceleration in digital technologies and has given buy rating on the stock with a target price of Rs 2,650 per share.
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