Karvy Stock Broking Limited has maintained ‘Buy’ rating on TCS (Tata Consultancy Services) stock with an intraday target of Rs 965.

According to Karvy, day traders can purchase the stock between Rs 935-940 with a strict stop loss of Rs 925. If the stock market remains on positive track, the next target for the day will be above Rs 970.

Shares of the company, on Thursday (May 8), closed at Rs 943.70 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 255612. The share price has seen a 52-week high of Rs 1277 and a low of Rs 730 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Tata Consultancy Services (TCS), on Thursday (May 8), has renewed its managed services agreement with one of the world’s top long haul airlines Virgin Atlantic. By entrusting the management of its IT infrastructure and applications management to TCS, Virgin Atlantic is in a position to concentrate on core business actions and form a curve with the upcoming challenges of the global airline industry.

Under the renewed contract, TCS will carry on managing Virgin Atlantic global end-to-end IT systems, which includes a 24x7 service desk, Infrastructure and application support services. The company also handles Virgin Atlantic’s relationships with other third party IT vendors to guarantee a solid approach to the airline’s IT ecosystem. TCS’ service delivery for Virgin Atlantic is designed around IT Infrastructure Library (ITIL) best practices framework. TCS` rigorous metrics-based management model and airline innovation expertise will make sure increased responsiveness for Virgin Atlantic customers.

Besides, TCS has posted a Y-o-Y increase of 4.15% and a sequential decline of 6.17% in consolidated net profit to Rs 12,450 million in quarter ended March 2008.

During the three month period, the company registered earnings of Rs 12.72 a share on consolidated basis, registering a sequential increase of 6.19%. Consolidated total revenues of the company grew 18.13% on Y-o-Y basis and a sequential rise of 2.95% during the quarter to Rs 60,980 million.  

Other stocks from the same sector that looks good for short-term trading includes Wipro, Infosys, Satyam and HCL Tech.