IT sector majors Tata Consultancy Services (TCS) and Infosys have been rivals for long, resulting in comparisons between the two. Unlike Infosys which was listed in 1993, TCS was listed in 2005, which resulted in the Infy stock always trading at a premium in PE terms to TCS. Such was the clout that Infosys's premium was 52 per cent over TCS in October 2008. However, since April 2011, the Infy stock has been continuously trading at a discount. It touched its maximum of 35 per cent in both Oct 2012 and April 2013. Since Oct 2013, the gap has started to narrow with the discount at 15 per cent. Is it because of NRN's return? Only time will tell.
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