TCS shares in news today as Tata Sons to sell stake via block deal

Shares of Tata Consultancy Services Ltd (TCS) are in news today amid a report which said Tata Sons, the investment arm of Tata Group, plans to offload 2.3 crore shares of the IT major via block deals. The total number of shares on offer amounts to 0.64 per cent of TCS' total outstanding equity. Tata Sons held a 72.4 per cent stake in TCS as of Decemcer 31, according to exchange data.

On Monday, shares of TCS ended 1.72% lower at Rs 4144.75 on BSE. Earlier, they hit a 52 week high of Rs 4254.45 in the same session. TCS stock opened flat at Rs 4217.50 on Monday. Market cap of the firm fell to Rs 14.99 lakh crore. Total 0.39 lakh shares changed hands amounting to a turnover of Rs 16.56 crore on BSE.

The block deal today will likely see TCS shares being sold at a floor price of Rs 4,001 apiece, a 3.7 per cent discount to its Monday closing price of Rs 4,152.5, Reuters reported, adding that JP Morgan and Citigroup will be joint bookrunners for the stake sale.

TCS stock has a one-year beta of 0.5, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of TCS stood at 56, signaling it's trading neither in the overbought nor in the oversold zone.

TCS shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

TCS shares have rallied 30.38% in a year and risen 36.48% in three years.