TCS moves up on inking definitive agreements with Mitsubishi Corporation

Tata Consultancy Services (TCS) is currently trading at Rs. 2222.05, up by 1.55 points or 0.07% from its previous closing of Rs. 2220.50 on the BSE. The scrip opened at Rs. 2227.30 and has touched a high and low of Rs. 2248.95 and Rs. 2221.25 respectively. So far 33799 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2384.20 on 14-Jan-2014 and a 52 week low of Rs. 1364.00 on 30-Apr-2013. Last one week high and low of the scrip stood at Rs. 2270.00 and Rs. 2143.10 respectively. The current market cap of the company is Rs. 435807.18 crore. The promoters holding in the company stood at 73.90% while Institutions and Non-Institutions held 21.47% and 4.64% respectively. Tata Consultancy Services, a leading IT services, consulting and business solutions firm, has signed definitive agreements with Mitsubishi Corporation (MC), one of Japan’s largest integrated business enterprises to merge TCS Japan, ITF and NTSC. TCS will hold 51% in the merged entity, MC to hold 49%. The merged entities will be operational from July 2014. This transaction will create a new IT services company of significant scale in the Japanese market. ITF brings its long standing relationships with Japanese corporations, talented workforce and competencies in industries like retail, distribution and trading. This will complement TCS’ deep domain knowledge, technology expertise and strong execution track record. Besides, TCS’ Global Network Delivery Model (GNDM) capabilities will also enable the Japanese corporations’ globalization ambitions. The company will provide tremendous additional value to clients in Japan; while employees will secure the advantages of building their careers in a global organization.