Wednesday, 6 November 2013

TCS gains as Zions Bancorporation selects 'TCS BaNCS' for core banking transformation

TCS is currently trading at Rs. 2074.00, up by 31.95 points or 1.56% from its previous closing of Rs. 2042.05 on the BSE.

The scrip opened at Rs. 2062.00 and has touched a high and low of Rs. 2087.00 and Rs. 2060.00 respectively. So far 12,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2258.05 on 15-Oct-2013 and a 52 week low of Rs. 1197.60 on 18-Dec-2012.

Last one week high and low of the scrip stood at Rs. 2140.80 and Rs. 2031.85 respectively. The current market cap of the company is Rs. 4,06,054.00 crore.

The promoters holding in the company stood at 73.96% while Institutions and Non-Institutions held 21.67% and 4.37% respectively.

Zions Bancorporation, one of America's premier financial services companies, has selected TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost-saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program. TCS BaNCS is a core banking software suite developed by Tata Consultancy Services for banks, capital market firms, insurance companies and diversified financial institutions.

The depth of TCS BaNCS’ capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western US markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions’ management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.

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