TCS Trades Near Record High After Partnering With TPT South Africa

On Monday, Tata Consultancy Services (TCS) announced that it has partnered with Transnet Port Terminals (TPT) in South Africa, part of Transnet SOC Ltd, a state-owned freight transport and handling company, to help the latter develop an integrated online marketplace platform by bringing together cargo owners, shipping lines, clearing and forwarding agents, and road/rail haulers.

Shares of the IT giant rose over 2 percent to touch an intraday high of Rs 2,343.50, which is less than 1 percent away from its record high of Rs 2,358.

"TPT saw an opportunity to simplify the South African logistics market by creating a connected portal that would provide comprehensive logistics information to cargo owners and logistics players. It partnered with TCS to create the new platform named Cargo Connect, which will function as an online logistics marketplace where customers can submit logistics related requests and allow service providers to bid online. Customers will be able to select the preferred proposal and award the cargo contract to that bidder," as per TCS' statement on the partnership.

"TCS has been partnering with progressive organizations across the world to develop new technologyenabled business models that power their growth and transformation journeys," said Sumanta Roy, Head, TCS Middle East, Africa, and Mediterranean. "We are delighted to work with TPT in bringing to life this innovative idea, using state of the art digital technologies and agile processes, and establishing the first such marketplace in Africa."