Tata Consultancy Services Ltd (TCS) has undertaken its first management changes after Rajesh Gopinathan took over as CEO two years ago. India’s largest information technology services company appointed new deputy heads for its human resource function and manufacturing vertical, with an eye on the future.TC named Ritu Anand, formerly deputy head of human resources (HR), as the new head of global diversity, while Milind Lakkad has been appointed as the head of the manufacturing industry unit, with the additional responsibility of deputy HR head.
Financial services firm Morgan Stanley has turned its outlook on the Indian information technology sector to ‘cautious’ slashing target price for various IT companies. Morgan Stanley has downgraded shares of Tata Consultancy Services and slashed target price to Rs 1,920 from Rs 2,260. Price target for HCL Technologies has been cut by 25% to Rs 905. However the firm has upgraded Infosys and raised target price to Rs 775 from Rs 759. Tech Mahindra is Morgan Stanley's top large cap pick, but target price on that too, has been trimmed to Rs 830 from Rs 880.
Benchmark 30-share Sensex was down over 200 points on Monday morning trade, tracking cues from other Asian markets which were also trading lower. The market also witnessed heavy selling by foreign investors dragging the index down. The 30-share index fell 219 points 35,790.81 in early trade. NSE Nifty also shed 67 points to 10,727. According to analysts the market may expect volatility this week, driven by announcement of macroeconomic data points and quarterly earnings by various companies, including bluechips RIL and Wipro. The government is scheduled to release consumer price index (CPI) data later in the day.
Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation for the week ended Friday. The gainers were ITC, HDFC, Infosys, SBI and ICICI Bank, while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market cap. ITC gained Rs 17,94173 crore followed by ICICI Bank with Rs 8,378.07 crore and HDFC Rs 2,837.12 crore. TCS lost Rs 12,007.63 crore. RIL was India’s most valued company followed by TCS, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.
Several brokerages cut target price on Tata Consultancy Services by as much as 16% as the software major’s margins disappointed investors. TCS reported a 90 basis point (bps) decline in its margins for the third quarter ended December. Shares of TCS fell 2.4% to Rs 1,841.95 on Friday. CLSA has cut margin estimates by 60-70 bps but maintained a ‘buy’ stance on the stock. Most analysts including Morgan Stanley and Investec are upbeat about the company’s growth prospects.
India’s largest IT services company Tata Consultancy Services (TCS) on Friday said it has appointed Daniel Hughes Callahan as an Additional and Independent Director. Callahan has been appointed as an Additional and Independent Director for a period of five years with effect from January 10, 2019. The appointment is based on the recommendations of the nomination and remuneration committee and is subject to approval of shareholders, the company said.
Shares of Tata Consultancy Services (TCS) fell 2.54% to hit an intra-day low of Rs 1,840.10 as the IT major posted disappointing margin performance in the third quarter. The IT giant on Thursday reported a 24.1 per cent growth in YoY profit at Rs 8,105 crore for October-December. Revenue for the quarter rose 20.80 per cent YoY to Rs 37,338 crore. Margins for the quarter under review fell 90 basis points to 25.60% on a quarter-on-quarter basis.
Tata Consultancy Services (TCS), India’s biggest software services exporter, posted a 24.1% rise in third quarter net profit at Rs 8,105 crore as compared to Rs 6,531 crore in the year ago period. The profit growth was led by a 20.8% rise in operating income and 23% rise in its Banking, Financial Services and Insurance (BFSI) segment. TCS shares ended at Rs 1,888.15 on the BSE on Thursday, recording a marginal rise from Wednesday’s close. Results were announced after market hours.
Economic slowdown in the US might hurt India $167 billion information technology sector outsourcing industry. Experts fear Fortune 1000 companies may cut spending on technology, hurting Tata Consultancy Services Ltd (TCS), Infosys Ltd and Wipro Ltd. Economists at Morgan Stanley expect the US to grow at 2.3% in the current year, down from an estimated 2.9% growth in 2018. US accounts for bulk of business, between 55% and 70% for the five largest Indian IT companies, including TCS, Infosys, HCL Technologies Ltd, Wipro and Tech Mahindra.