TCS surges on signing deal to modernize core banking technology of Burgan Bank

Tata Consultancy Services is currently trading at Rs. 3831.00, up by 9.35 points or 0.24% from its previous closing of Rs. 3821.65 on the BSE.

The scrip opened at Rs. 3840.00 and has touched a high and low of Rs. 3841.45 and Rs. 3816.00 respectively. So far 79860 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 4254.45 on 18-Mar-2024 and a 52 week low of Rs. 3156.20 on 16-Jun-2023.

Last one week high and low of the scrip stood at Rs. 3920.00 and Rs. 3810.10 respectively. The current market cap of the company is Rs. 1386993.85 crore.

The promoters holding in the company stood at 71.77%, while Institutions and Non-Institutions held 23.36% and 4.87% respectively.

Tata Consultancy Services (TCS) has signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait. The bank will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships.

Burgan Bank is one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs. It will harness the products of the TCS BaNCS suite such as core and digital banking, payments, retail and corporate loan origination, wealth management, regulatory compliance, and more to simplify and digitally transform its technology landscape. The solution will enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity. With TCS BaNCS rich set of APIs, the bank will serve its diversified customer base of corporate, retail, and private banking segments with an integrated solution.

TCS BaNCS has been deployed by and garnered several recognitions for various banks in the Middle East region for core banking transformation. It has an intelligent digital core and is built on a modular and open architecture. Its extensive configurability will enable the bank to develop innovative solutions with quick time to market, ensuring convenient, simplified, and contextual experiences for customers. The bank will benefit from end-to-end AML/KYC capabilities across all business lines by deploying the Quartz for Compliance solution.

TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years.