TCS rose 1.45% to Rs 2322.85 after the IT major partnered with Transnet Port Terminals in South Africa to help the latter develop an integrated online marketplace platform.
TCS on Monday said it has partnered with Transnet Port Terminals (TPT) in South Africa, part of Transnet SOC, a state-owned freight transport and handling company, to help the latter develop an integrated online marketplace platform by bringing together cargo owners, shipping lines, clearing andforwarding agents, and road/rail haulers.TCS will create new platform named Cargo Connect, which will function as an online logistics marketplace where customers can submit logistics related requests and allow service providers to bid online. Customers will be able to select the preferred proposal and award the cargo contract to that bidder.
TCS said that the platform will make bid selection process completely transparent, delivering greater value to TPT's customers. The platform will also help customers remotely track the cargo at every point of the container journey and send automated alerts with critical information, whenever a cargo event occurs. The Cargo Connect marketplace will reshape the industry and is expected to be ready in 12 months.
Shares of TCS are currently hovering near the record high level of Rs 2,357.15 hit on 30 July 2020. It has surged about 55% from its 52-week low of Rs 1,504.40 hit on 13 March 2020.
On the technical front, the stock's RSI (relative strength index) stood at 65.162. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 2,238.74 and its 200-day moving average (DMA) placed at 2,077.27.
TCS reported a 12.90% decline in consolidated net profit to Rs 7,049 crore on a 4.06% fall in net sales to Rs 38,322 crore in Q1 June 2020 over Q4 March 2020.
TCS is an IT services, consulting and business solutions organization.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
