Buy Tata Consultancy Services, target price Rs 3404: ICICI Direct

ICICI Direct has buy call on Tata Consultancy Services with a target price of Rs 3404. The current market price of Tata Consultancy Services is Rs 3381.95. Time period given by analyst is Intra Day when Tata Consultancy Services price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 3347.8.

Tata Consultancy Services, incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 1236173.92 Crore) operating in IT Software sector.

Tata Consultancy Services key Products/Revenue Segments include Consultancy Income and Sale of Equipment & Software Licences for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 58749.00 Crore, up 4.40 % from last quarter Total Income of Rs 56274.00 Crore and up 17.29 % from last year same quarter Total Income of Rs 50090.00 Crore. Company has reported net profit after tax of Rs 10883.00 Crore in latest quarter.

The company’s top management includes Mr.N Chandrasekaran, Mr.Rajesh Gopinathan, Mr.N G Subramaniam, Ms.Aarthi Subramanian, Mr.Keki M Mistry, Mr.O P Bhatt, Dr.Pradeep Kumar Khosla, Ms.Hanne Sorensen, Mr.Don Callahan. Company has B S R & Co. LLP as its auditors. As on 30-09-2022, the company has a total of 366 Crore shares outstanding.

Investment Rationale
Price sustaining above the recent falling channel breakout area and 50 days EMA signaling further upward momentum.

Promoter/FII Holdings
Promoters held 72.3 per cent stake in the company as of 30-Sep-2022, while FIIs owned 13.5 per cent, DIIs 8.5 per cent.