TCS collaborates with LACChain for developing blockchain ecosystem; stock gains
Tata Consultancy Services (TCS) announced on Wednesday after the market hours that it has partnered with LACChain, an initiative led by IDB Lab, the innovation laboratory of the Inter-American Development Bank Group, to drive the development of a blockchain ecosystem across Latin America and the Caribbean (LAC).
TCS will design a marketplace of innovative blockchain-based solutions in financial services, education, energy, and healthcare to transform lives & economies in the region.
The partners will develop the solutions to address the urgent need of healthcare systems such as decentralised vaccination distribution platforms & immunity passport, which will eventually help in reviving the economy and ensuring safe travel.
Reacting to this, the company’s stock today increased by 1.89 per cent and made an intraday high of Rs 3,218 per share.
According to BSE data, the stock traded at a P/E multiple of 37.73 and a price-to-book ratio of 15.62. The stock has a 52-week high and a 52-week low of Rs 3,358.80 and Rs 1,941.20, respectively.
At 12.31 pm on Thursday, the stock of the company was trading at Rs 3,205.00, up by 1.48 per cent on BSE.