Shares of TCS Ltd. advanced 0.15% to Rs 3.189.8 apiece in trade on Friday. The headline index NSE Nifty 50 was trading higher by 0.61%.
Rajesh Gopinathan, the chief executive officer of Tata Consultancy Services Ltd., has resigned in a surprise move that’ll become effective in September.
“We wish to inform you that Mr. Rajesh Gopinathan has tendered his resignation, which will be effective from the close of business hours on Sept. 15, 2023,” TCS said in an exchange filing on Thursday.
He will stay on till then to ensure a smooth transition at the helm.
Krithi Krithivasan, president and global head of TCS’s BFSI vertical, has been appointed as the CEO designate effective March 16. He will go through a transition with Gopinathan and then take over in the next financial year.
Scrip declined as much as 1.29% intraday, falling the most since March 14, 2023.
Total traded volume stood at 8.6 times its 30-day average. The relative strength index was at 31.
Out of the 49 analysts tracking the company, 22 maintain a ‘buy’ rating, 15 recommend a ‘hold’ and 12 suggest to ‘sell’ the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 5.6% over the next 12 months.
Source: Exchange filing
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Broader Market Indices Mirror Benchmarks
The broader market indices traded higher; S&P BSE MidCap was up 0.78% whereas S&P BSE SmallCap was higher by 0.90%.
All the 19 sectors compiled by BSE advanced, with S&P BSE Realty, S&P BSE Capital Goods and S&P BSE Industrials advancing the most.
The market breadth was skewed in the favour of the buyers. About 2,008 stocks rose 567 declined, and 81 remained unchanged on the BSE.