Buy Tata Consultancy Services, target price Rs 3490: ICICI Securities

ICICI Securities has buy call on Tata Consultancy Services Ltd. with a target price of Rs 3490. The current market price of Tata Consultancy Services Ltd. is Rs 3296.1 Time period given by analyst is Intra Day when Tata Consultancy Services Ltd. price can reach defined target. . Tata Consultancy Services Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 1210736.50 Crore) operating in IT Software sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 44636.00 Crore, up 4.52 % from last quarter Total Income of Rs 42706.00 Crore and up 9.71 % from last year same quarter Total Income of Rs 40684.00 Crore. Company reported net profit after tax of Rs 9282.00 Crore in latest quarter.

Investment Rationale
Price at the cusp of breaking above the last five months consolidation range with a higher base at 50 days EMA

Promoter/FII Holdings
Promoters held 72.1 per cent stake in the company as of Dec 30, 2020, while FIIs held 15.9 per cent, DIIs 7.8 per cent and public and others 4.3 per cent.