Buy Tata Consultancy Services, target price Rs 3354: ICICI Securities

ICICI Securities has buy call on Tata Consultancy Services with a target price of Rs 3354. The current market price of Tata Consultancy Services Ltd. is Rs 3163.1.

Tata Consultancy Services Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 1169566.06 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
A higher base formation at the 50-day EMA and the lower band of the rising channel in place since September 2020 thus provides favourable risk reward set up

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.