Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Tata Consultancy Services, India’s second most valuable company by market cap after <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, just got hit with its second lawsuit in five years for alleged theft of “trade secrets”. </li><li>The company, which is the IT services arm of Tata, has been accused by the US-based Computer Services Corp (<keyword id="172156" type="CITY" weightage="20" keywordseo="CSC">CSC</keyword>) of improperly accessing the latter’s <keyword id="188405" type="ENTERTAINMENT" weightage="20" keywordseo="Source-code">source code</keyword> to develop an insurance platform. </li><li><keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> was building the insurance platform in question for <keyword id="1884595" type="COMPANY" weightage="20" keywordseo="Transamerica">TransAmerica</keyword>, from which it received a $2 billion contract in January last year. That was, incidentally, TCS’s largest contract ever.</li></ul>Tata Consultancy Services, India’s <a href="https://www.google.com/search?q=tata+consultancy+services+market+cap&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=tata+consultancy+services+market+ca&amp;aqs=chrome.0.0j69i57j0l4.7440j0j4&amp;sourceid=chrome&amp;ie=UTF-8">second most valuable company</a> by market cap after Reliance Industries, just got hit with its second lawsuit in five years for alleged theft of <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-faces-new-law-suit-over-trade-secret-theft/articleshow/69106238.cms">“trade secrets”</a>. The company, which is the IT services arm of Tata, has been accused by the US-based Computer Services Corp (CSC) of improperly accessing the latter’s source code to develop an insurance platform. In a response to ET, a TCS spokesperson said that the company’s legal team would respond to the allegations after reviewing them and that TCS would “strongly defend its position before the court”. TCS was building the insurance platform in question for TransAmerica, from which it received a <a href="https://www.tcs.com/transamerica-awards-tcs-multi-year-contract-third-party-administration">$2 billion contract</a> in January last year. That was, incidentally, TCS’s largest contract ever. CSC had licensed its Vantage and CyberLife softwares to a subsidiary of TransAmerica, Money Services Inc, for the administration of insurance and annuity products. The suit reportedly alleges that TCS misappropriated the code of these softwares, specifically the code which calculates the rate of return on products, to develop a platform for TransAmerica. Legal proceedings for the case will take place in the US state of Texas. While it is unclear the amount of punitive damages that CSC is seeking, a previous lawsuit filed against TCS might give an indication of the trouble the IT services major is in. In 2014, <keyword id="1378726" type="COMPANY" weightage="20" keywordseo="Epic-Systems">Epic Systems</keyword>, another US-based software provider, accused TCS <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-420-million-trade-secrets-case-moves-to-higher-court/articleshow/68554532.cms">of stealing its intellectual property</a>. The suit had alleged that TCS employees had stolen 6000 documents pertain to Epic’s methods of system development from a client that licensed the latter’s software - Kaiser Permanente. After two years of legal wrangling, TCS was asked to pay Epic $940 million worth of damages - which was later reduced <a href="https://www.tcs.com/update-epic-system">to $420 million </a>based on caps for such cases. TCS is currently in the process of appealing against <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-420-million-trade-secrets-case-moves-to-higher-court/articleshow/68554532.cms">the $420 million payment</a>. At the end of March 2019, the appeal was transferred to a federal appeals court in the US. The latest lawsuit didn’t seem to have much of an effect on TCS’s shares, which stabilised after <a href="https://www.google.com/search?q=tcs+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=TCS+share+price&amp;aqs=chrome.0.0l6.1971j1j7&amp;sourceid=chrome&amp;ie=UTF-8">a 1% drop</a> this morning. SEE ALSO: <a href="https://www.businessinsider.in/india-post-upgraded-by-tcs-in-hopes-of-cutting-losses/articleshow/68989343.cms">The company that transformed India's passport offices is also working on post offices</a> <a href="https://www.businessinsider.in/tcs-wipro-and-hcl-are-among-the-worlds-most-valued-it-brands/articleshow/67670849.cms">TCS is now the world’s third most valued IT service brand</a>

One of India’s most valuable companies has been hit with a second lawsuit for improper use’ of a software provider’s source code

<ul><li>Tata Consultancy Services (TCS) is now worth more than ₹10 trillion after the company's share price jumped by more than 7%.</li><li>The rally comes after the company announced that its board of directors will be considering a proposal to buyback equity shares at the earnings meeting this week.</li><li>TCS also said that ₹1,218 will appear as an ‘exceptional item’ on its balance sheets in reference to its ongoing legal dispute with EPIC Systems in an earlier filing.</li></ul>Tata Consultancy Services (TCS) market cap is at a record high with its valuation hitting ₹10.16 trillion after the company's shared rallied by more than 7% today. The Indian IT service behemoth's earnings are just around the corner. At the board meeting this week, among other things, the company’s directors will also consider a proposal about the <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/93BCBE28-2FD3-492A-82AC-C4A758576A6E-072450.pdf">buyback of equity shares.</a> <div type="image" title="TCS share price 1 (1)" msid="78493313" hostid="261" caption="&amp;lt;p&amp;gt;TCS share price over the last one month&amp;lt;/p&amp;gt;"></div> Even though TCS has not revealed any buyback details, its share price reached a new 52-week high, hitting ₹2,728.95. What is a share buyback? A buyback allows a company to buy back its shares from existing shareholders, usually at a price higher than what is prevailing in the market. It’s a way for companies to invest in themselves. The last time TCS went for a share buyback programme was in 2018 for a whopping ₹16,000 crore. It bought back equity shares at ₹2,100 a piece and garnered over 7.60 crore shares. At the time, the company said the mega buyback offer was a part of its long-term capital allocation policy of returning excess cash to shareholders. In an earlier filing, TCS also revealed that ₹1,218 will appear as an ‘exceptional item’ on its balance sheets in reference to its ongoing <a href="https://www.businessinsider.in/business/corporates/news/tcs-420-million-punitive-damages-ruled-excessive-by-us-court-to-be-reassessed-for-a-second-time/articleshow/77670645.cms">legal dispute with EPIC Systems</a>. It took TCS less than one month to earn another ₹1 lakh crore company Last month, TCS was the <a href="https://www.businessinsider.in/stock-market/news/after-reliance-tcs-becomes-second-indian-firm-to-cross-9-lakh-crore-market-valuation/articleshow/78104482.cms">second Indian company to cross the ₹9 lakh crore threshold</a> after Mukesh Ambani’s Reliance Retail. In less than a month, it has now crossed the ₹10 lakh crore marker as well. This year, the company’s stock has gained 25% so far despite the bloodbath caused by the impact of the coronavirus pandemic and associated lockdowns. <div type="image" title="TCS share price 2 (1)" msid="78493386" hostid="261" caption="&amp;lt;p&amp;gt;TCS&amp;#39; share price since January&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/indusind-icici-rbl-axis-hdfc-kotak-mahindra-bank-share-price-and-other-stocks-surge-on-loan-moratorium-case/articleshow/78486360.cms">Bank stocks surge after government agrees to waive off interest on loans up to ₹2 crore</a> <a href="https://www.businessinsider.in/tech/news/vijay-shekhar-sharma-fires-the-shots-paytm-launches-its-own-android-mini-app-store-to-take-on-google/articleshow/78484994.cms">Vijay Shekhar Sharma fires shots – Paytm launches its own Android mini-app store to take on Google</a> <a href="https://www.businessinsider.in/defense/news/next-round-of-india-china-corps-commander-talks-scheduled-for-october-12/articleshow/78485609.cms">Next round of India-China Corps Commander talks scheduled for October 12</a>

TCS' value crosses ₹10 trillion after share price rallies more than 7% ahead of earnings

As the top management of <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (<keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword>) declared the quarterly results on Monday evening, everyone was expecting a word or two about the penalty that it is facing from a US jury. However, the management chose to stay silent on this matter, thereby strengthening the rumors that there won’t be much growth in FY17 earnings. 
 
As per reports, TCS has been slapped with a hefty fine of over $940 million in a lawsuit filed by Epic Systems. Considering that the net profit it reported in the March quarter was $936 million, one can imagine the condition that this fine would bring the IT giant to. 
 
Also, this has come at a time when the company's growth (7.1%) has already slowed down as compared to its peer Infosys (9.1%), and that too for the first time since FY10. 
 
However, on a brighter side, TCS has added three clients with $100 million deal size each, along with eight clients with at least $50 million of billing each in the quarter, which makes the investors hopeful about revenue growth. 
 
<a href="http://www.moneyindices.com/admin/upload/1772163623.jpg">Image source</a>

You Searched For "tcs vs epic systems" and got 3 results

One of India’s most valuable companies has been hit with a second lawsuit for improper use’ of a software provider’s source code

Dilsher Dhillon

TCS' value crosses ₹10 trillion after share price rallies more than 7% ahead of earnings

Prabhjote Gill

TCS stays mum on US fine, strengthens rumors about growth uncertainty in FY 17

BI India Bureau

Popular Keywords

Buying Guides