Buy Tata Consultancy Services, target price Rs 3340: ICICI Securities

ICICI Securities has buy call on Tata Consultancy Services with a target price of Rs 3340. The current market price of Tata Consultancy Services Ltd. is Rs 3129.6.

Tata Consultancy Services Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 1174365.08 Crore) operating in IT Software sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 42706.00 Crore, up 4.04 % from last quarter Total Income of Rs 41049.00 Crore and up 5.00 % from last year same quarter Total Income of Rs 40672.00 Crore. Company reported net profit after tax of Rs 8727.00 Crore in latest quarter.


Investment Rationale
Price sustaining above the recent falling channel breakout area containing last two months’ breather and a higher base above 50-day EMA

Promoter/FII Holdings
Promoters held 72.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 16 per cent, DIIs 7.9 per cent and public and others 4 per cent.