Tata Consultancy Services (TCS) saw a notable decline of over 2% in its share value on March 19, as a substantial transaction unfolded. A staggering 2.02 crore shares, accounting for 0.6% of TCS’s equity and valued at an impressive Rs 8,900 crore, changed hands at an average price of Rs 4,043 per share.
The seller in this significant trade is speculated to be Tata Sons, a prominent stakeholder in TCS, reportedly offering up to 2.34 crore shares in India’s premier IT service firm.
What’s particularly noteworthy is the floor price set for this transaction, representing a 2.6% discount compared to the closing price of Rs 4,144.25. Data analysis indicates that the trade encompassed 2.02 crore TCS shares, executed through five distinct transactions.
Market sentiment reflected this transaction, with TCS shares experiencing a dip of nearly 3% by 9:18 am on the National Stock Exchange (NSE), trading at Rs 4,030.65. This followed a previous session where TCS shares concluded 1.78% lower at Rs 4,219.25 on the NSE. The implications of this trade are likely to reverberate through the market, shaping investor perceptions and influencing future trading decisions.
TCS Holds Second Position as India’s Second Most Valued Listed Company with a Market Capitalization of Rs 15 Lakh Crore. As of December 31, 2023, Promoters Retain 72.41% Stake, Led by Tata Sons with 72.38% Ownership, While the Remaining Stake is Held by Tata Investment Corporation.
Sharekhan Recommends “Buy” Rating for TCS Stock with a Target Price of Rs 4,750. The Bullish Outlook Stems from TCS’ Strong Domain Expertise and Expansive Geographic Presence.
According to the brokerage, TCS’ Cross-Selling Capabilities Position it Well to Seize Opportunities Across Cost Optimization, Digital Transformation, and Emerging Technology Services.
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