TCS marginally up on its plan to relocate more of its overseas staff

Tata Consultancy Services is currently trading at Rs 586.50, up by 3.90 points or 0.67% from its previous closing of Rs 582.60 on the BSE.

The scrip opened at Rs 550 and has touched a high of Rs 586.75 with low remaining its opening. So far 66,991 shares were traded on the counter.

The BSE group ‘A’ TECk sector stock of face value Re 1 has touched a 52 week high of Rs 1054 on June 2, 2008 and a 52 week low of Rs 418 on October 27, 2008.

The BSE TECk index is currently trading at 2,125.43, down by 0.44% from its previous closing.

The scrip price has witnessed upswings of 4.66% since last week and 1.96% since last month.

Tata Consultancy Services (TCS), India’s leading IT services exporter, has stated that is will relocate more of its overseas staff back to India in a bid to cut costs. However, the company clarified that it would continue to take up onshore projects.

The company saved around Rs 121 crore on the back of relocating staff to India. Meanwhile, TCS announced that would be inducting 24,855 new employees in India and 250 freshers in the US and some in China.

This apart, the company has a policy to weed out non-performers.