TCS share hits all-time high, here's why

Shares of Indian IT services company Tata Consultancy Services (TCS) hit all-time high of Rs 2,898 today.

TCS share touched an intraday high as well as an all-time high of Rs 2,898, rising 2.12% against the last closing of Rs 2,837.90. The stock also hit an intraday low of Rs 2,855.85 after opening at Rs 2,861.

TCS stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. TCS share price has risen 4.88% in the last 3 days of consecutive gain.

TCS has decided to buy back up to 5,33,33,333 equity shares and the floor price for this offer has been fixed at Rs 3,000 per share.

Stock of TCS hit a 52-week low of Rs 1,504.40. Market capitalisation of the IT major stood at Rs 10.84 lakh crore today. TCS shares have risen 4% in a week, 10% in one month and 33% in one year.

Besides TCS, Infosys shares also hit a record high today, in line with the Nifty IT index that hit a all-time high of 23,408, rising 2% in early trade.

This was after Accenture reported better-than-expected results for the quarter ending November 30. Accenture's revenue stood at $11.8 billion, up 2% YoY, while EBIT (earnings before interest and tax) margin at 16.1% YoY.

Post results, Accenture's shares rose by about 7% in the US on Thursday.

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