IT stocks are reeling under selling pressure. The Nifty IT index hit a 52-week low of 26,186.70, falling below its previous low of 26,189.40 points, touched on July 15, 2022.
Homegrown technology major, Tata Consultancy Services (TCS), shares hit a 52-week low of ₹ 2,926.10, during morning trades on Monday amid heavy volumes. Later the share price recovered and the shares were trading at ₹ 2,993.40 apiece at 15:05 PM.
The stock fell tracking weak cues from global markets and foreign fund outflows. Currently, it is available at a price that is 25% lower than its record high of ₹ 4043.00 apiece achieved on January 17, 2017. When a stock falls by 20% or more from its high, it is said to be in a bear market.
Motilal Oswal Financial Services has a buy call on the shares of Tata Consultancy Services with a target price of ₹ 3730 apiece. This translates to an upside of 24.60% as compared to the current market price.
CLSA sees an upside in the stock and has set a target price of ₹ 3750. This implies an upside of 25.27% as compared to the current market price.
Tata Consultancy Services is the flagship company of the Tata Group. It provides IT services, consulting and business solutions to organizations. It has worked with some of the world’s largest businesses in their transformation journeys for over 50 years.
Written by Simran Bafna
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