NEW DELHI: Share prices of Tata Consultancy Services (TCS) on Tuesday surged over 3 per cent amidst rumour that the IT major is planning to revamp the organisation structure to double its revenue. The surge in stock, which witnessed significant sell-off in the recent correction, also comes a day before the company is initiating its big buyback scheme.
TCS is planning to revamp the organisation structure to align with customers more closely, as it aims to achieve USD 50 billion (about Rs 3.89 lakh crore) revenue by 2030 from USD 25 billion revenue in 2021, a source aware of the development said on Tuesday.
According to reports, the company is planning to create an integrated organisational structure based on 'curated customer journeys'. "TCS is mulling to create two new business groups that will augment the current structure of industry vertical units and markets, resulting in a new integrated organisational structure," a source said.
With this new structure, TCS plans to focus on the customer journey, starting from acquisition incubation, growth and transformation. Coming to TCS's Rs 18,000 crore share buyback, the offer will open on March 9 and close on March 23. The company in February had announced the share buyback programme entailing 4 crore shares at Rs 4,500 apiece.