TCS hits new high; Infosys up 3% in a weak market

Tech Mahindra, Mphasis, Firstsource Solutions, Persistent Systems, HCL Technologies and Larsen & Toubro Infotech from the BSE IT index were up in the range of 1% to 2%.

Shares of information technology (IT) companies were trading higher in an otherwise weak market on Monday after the Reserve Bank of India (RBI) shortlisted five IT firms including Infosys and Tata Consultancy Services (TCS) for implementation of a centralised information and management system (CIMS) for seamless data collection and validations.

IT giant TCS hit a new high of Rs 2,172, up 3%, extending its Friday’s 1.3% gain on the BSE. In past six months, the stock outperformed the market by surging 54% against 12.3% rise in the S&P BSE Sensex. A sharp rally in the market price of the