Shares of Tata Consultancy Services gained over 4% in early trade after the company said it will be building the technology infrastructure for the US and Canada-based women's fashion retail chain Maurices.
The IT major in a filing to BSE said it would help Maurices strategise create and operationalize the new IT infrastructure, build a new application stack, and remediate its technical debt.
Following the update, TCS share price touched an intraday high of Rs 2,439.8 on BSE, rising 4.65% against the last close of Rs 2,331.50. The stock price of TCS also touched an intraday low of Rs 2350.05, after opening at Rs 2,370. TCS's stock has gained after 2 days of consecutive fall.
TCS shares trade higher than 20, 50, 100 and 200 days but lower than 5-day moving averages. Market capitalisation of the firm stood at Rs 9,09,615 crore as of today's session.
Tata Consultancy Services stock has risen 8% in one month and 12% since the beginning of the year. The stock has gained 16% value in a year.
"In addition, TCS will help maurices build a brand-new data analytics platform with extensive reporting features. The project will also involve a refreshed, upgraded commerce platform that will facilitate quicker business decisions and faster go-to-market responses to industry or fashion trends," it added.
As per the filing, Maurices selected TCS as its digital transformation partner to help build its greenfield IT ecosystem that will optimize more than 200 existing applications and software components in the next 17 months of their transformational journey.