TCS rises 2%, trades near 52-week high on securing order from Georgia Department of Labor

So far this year, TCS has rallied 11 percent as against the 7 percent rise in the Sensex benchmark

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Shares of Tata Consultancy Services (TCS) jumped over 2 percent to Rs 3,614 per share on the BSE on October 5 after the IT giant was selected by the Georgia Department of Labor (GDOL) to replace its 1980s-era legacy platform with a proven, agile, secure, and scalable cloud-based unemployment insurance system. The S&P BSE Sensex was up 470 points or 0.7 percent to 65,695 levels, as of 11:10 am.

So far this year, TCS has rallied 11 percent as against the 7 percent rise in the Sensex benchmark. Earlier, the stock had hit a 52-week high of Rs 3,633 per share on September 22, 2023.

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In an exchange filing dated October 5, the company said that the human-centric design of the new web-based platform will make it easier for Georgians to apply for unemployment insurance benefits, securely upload documents, check the status of their claims, and receive important updates.

“We are pleased to partner with the Georgia Department of Labor in their digital transformation journey to create a new seamless and secure unemployment system that will meet the evolving needs of claimants and employers, streamline claims processing, reduce errors, prevent fraud, and improve the overall user experience,” said Robert Kane, Chief Commercial Officer, US Public Services, TCS.

Earlier, on October 4, TCS had also announced that it had inked a multi-year deal with British retail giant Asda to support its digital transformation operating model after its divestiture from Walmart.

Analyst view

In a preview report, analysts at Motilal Oswal Financial Services projected TCS revenue to grow 9.2 percent year-on-year (YoY) to Rs 60,400 crore, with a modest 2 percent revenue rise on a sequential basis.

The company’s adjusted profit-after-tax (PAT), meanwhile, is likely to grow 11 percent YoY or 4.4 percent quarter-on-quarter (QoQ) to Rs 11,600 crore in the September-ended quarter.

On the other hand, earnings before interest and tax (Ebit) margin is pegged to expand 10 basis points (bps) YoY or 90 bps QoQ to 24.1 percent in Q2FY24.

“TCS augurs well to benefit from long-term secular demand on IT services, and even in the near-term, it is expected to win disproportionately through the current nature of spends,” the brokerage firm added.

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