Shares of Tata Consultancy Services Ltd rallied more than 2 percent in the morning trade on September 14 to hit a fresh 52-week high of Rs 2442.80 on the BSE, which also boosted the company's market capitalisation to above Rs 9 lakh crore.
TCS has become the second company after Reliance Industries to cross the Rs 9 lakh crore market capitalisation.
At 1044 am, TCS stock was up nearly 3 percent at Rs 2441. It hit a 52-week high of Rs 2,442.80 on the BSE.
Shares of TCS have rallied 10 percent, so far, in the year 2020 and about 40 percent from the March 24 low.
TCS is one of the best-placed stocks in the IT space and is likely to benefit from the work-from-home culture, experts said. According to a BNP Paribas report, IT Services sector is best placed to beat the work from home blues.
“IT services is best positioned wherein we see EBIT gains of up to 2-5% for the large companies even if they are able to retain half of the cost savings over the medium term,” said the report.
“TCS targets 75 percent of employees globally to work from home by 2025. This could result in huge savings in terms of facilities, transport, and rentals,” said Gaurav Garg, who is head of research at CapitalVia Global Research Limited.
“In addition to employee transport, the company can cut down on visa and travel expenses if remote working becomes a norm globally. Travel accounts for about 2 percent of overall revenue,” he said.Disclaimer
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