TCS surges on extending contract with SPARSH
Tata Consultancy Services is currently trading at Rs. 4341.00, up by 25.90 points or 0.60% from its previous closing of Rs. 4315.10 on the BSE.
The scrip opened at Rs. 4286.85 and has touched a high and low of Rs. 4351.00 and Rs. 4286.85 respectively. So far 57988 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 4585.90 on 02-Sep-2024 and a 52 week low of Rs. 3431.60 on 28-Nov-2023.
Last one week high and low of the scrip stood at Rs. 4351.00 and Rs. 4025.00 respectively. The current market cap of the company is Rs. 1568875.11 crore.
The promoters holding in the company stood at 71.77%, while Institutions and Non-Institutions held 23.57% and 4.67% respectively.
Tata Consultancy Services (TCS) has signed a three-year extension of its contract for SPARSH (System for Pension Administration - Raksha), a government of India initiative to streamline pension distribution for over 30 lakh defence pensioners. The company will not only maintain the hardware and software of the programme for three years but also deliver key updates to the system.
The company started the rollout of pension processing on SPARSH in October 2020, implementing an integrated, secure, and efficient pension disbursement solution for India’s defence personnel. The digital transformation has resulted in significantly reduced pension processing timelines from 12 to 18 months to just 14 days.
Additionally, first-time pension payments are now processed within five to seven days. A key achievement for the company has been its role in implementing the One Rank One Pension (OROP) scheme, which ensures that defence personnel of the same rank and length of service receive the same pension, regardless of when they retire. The company has enabled the processing time to reduce from six to eight months to just two weeks, allowing the disbursement of OROP to 1.8 million eligible pensioners in a record time of 15 days.
TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses. TCS offers a consulting-led, cognitive powered, integrated portfolio of IT, business & technology services, and engineering.
