TCS rose 1.55% to Rs 1,777 at 11:29 IST on BSE after the company said it has completed the acquisition of French IT services firm, Alti SA.
The announcement was made during trading hours today, 24 July 2013.
Meanwhile, the S&P BSE Sensex was down 272.23 points or 1.34% at 20,029.90.
On BSE, 55,000 shares were traded in the counter as against average daily volume of 2.09 lakh shares in the past two weeks.
The stock hit a high of Rs 1,784.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,740 so far during the day.
The stock had outperformed the market over the past one month till 23 July 2013, surging 23% compared with the Sensex's 8.14% jump. The scrip had also outperformed the market in past one quarter, jumping 22.4% as against Sensex's 5.85% rise.
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The acquisition of Alti SA had been initially announced in April 2013. A privately-held company with revenues of euro 126 million in 2012, Alti SA is regarded as one of the top system integrators of SAP solutions in France. It includes several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors as its key customers.
This strategic investment by TCS will help leverage the strong engineering talent in the country for the benefit of its customers in France and other markets globally, TCS said.
Mr. N. Chandrasekaran, CEO & MD, TCS said, "Today is a historic day for our company in France, which will see us emerge as a much strong player in the local market and which sets the platform for our future growth in the region. There are tremendous synergies between TCS' global capabilities and Alti's local talent base and knowledge, which will enable us to better service our clients in France and help make their businesses more competitive. As a long term strategic market for TCS, with leading edge infrastructure and a highly skilled engineering talent pool, France was a natural destination for us to invest in towards our future growth".
TCS' consolidated net profit rose 6% to Rs 3830.64 crore on 9% growth in sales to Rs 17987.07 crore in Q1 June 2013 over Q4 March 2013.
TCS is an IT services, consulting and business solutions organization. It offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
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