Shares of Tata Consultancy Services (TCS) rallied over 4% to hit an all-time high at Rs 4,135.9 in Tuesday’s trade on BSE. Meanwhile, the IT major also crossed Rs 15 lakh crore of market cap for the first time in today’s trade.

The rally in the stock came after the firm on Monday said that it has won a multi-year deal from Europ Assistance, a global assistance and travel insurance company, to help reimagine its global IT operating model. Deal financials were not disclosed.

As the strategic partner, TCS will step up its delivery centers in Europe and across geographies to provide Europ Assistance end-to-end enterprise IT application services.

The partnership will also see TCS leveraging its proprietary solution, ignio AIOps from its Digitate suite of offerings to enhance operational resilience and business agility. The solution will provide Europ Assistance with actionable insights into its technology stack, improving productivity and availability. The partnership will help Europ Assistance scale its business capabilities, support its expanding partnership ecosystem, and enhance its speed to market.

In addition, the partnership will focus on co-innovation, with TCS and Europ Assistance working together on novel use cases leveraging generative AI and other advanced technologies.

Also Read: Paytm shares rally 5% as doomsday call attracts dip buyers. Is the worst over?At 10.02 am, the scrip was trading 3.6% higher at Rs 4,114.6 on BSE. At the same time, the firm’s market cap also stood at Rs 15,06,376 crore. In Q3 FY24, TCS reported higher-than-expected revenue, but the bottomline trailed expectations. India’s largest software service provider reported a 2% year-on-year (YoY) growth in consolidated net profit for the quarter to Rs 11,058 crore, and revenue increased by 4% to Rs 60,583 crore.

Sequentially, the revenue rose by 1.5%, while the profit dropped by 2.5%. TCS incurred a one-time charge of Rs 958 crore in the quarter gone by towards the settlement of a legal claim. This one-time charge weighed on the bottomline in the quarter.

The earnings before interest and taxes or EBIT margin was 25%, against 24.3% a quarter ago.

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