TCS shares surge over 4 p.c on positive results

After making a strong opening, shares of the IT major further rose by 4.4 per cent to Rs 2,486 on the BSE.

July 18, 2014 02:14 pm | Updated November 16, 2021 05:35 pm IST - Mumbai:

Cyrus Mistry, Chariman Tata Sons, and N. Chandrasekaran (left), CEO and MD, Tata Consultancy Services (TCS), at the annual general body meeting of TCS in Mumbai on Thursday. Photo: Vivek Bendre

Cyrus Mistry, Chariman Tata Sons, and N. Chandrasekaran (left), CEO and MD, Tata Consultancy Services (TCS), at the annual general body meeting of TCS in Mumbai on Thursday. Photo: Vivek Bendre

Shares of TCS on Friday surged over 4 per cent after the country’s largest software exporter posted better-than-expected earnings in the June quarter.

After making a strong opening, shares of the IT major further rose by 4.4 per cent to Rs 2,486 on the BSE. On the NSE, it gained 4.32 per cent to Rs 2,485.

The IT giant, which is also the country’s most valued firm in terms of market valuation, was the top gainer on both Sensex and Nifty.

“TCS announced better-than-expected results for Q1 FY2015,” said Sarabjit Kour Nangra, VP Research IT, Angel Broking.

TCS had on Thursday >posted a 45 per cent jump in June quarter net profit at Rs 5,568 crore , helped by a broad-based revenue growth and one-time impact from a change in depreciation computation.

The company had posted a net profit of Rs 3,840 crore under the IGAAP system of accounting for the corresponding period last year.

“It has been a very well rounded, broad—based growth across the board,” TCS Chief Executive and Managing Director N Chandrasekaran said.

On the outlook front, he had said the scenario is panning out as per its expectation and added that he maintains the performance in the current fiscal will be better than FY2013—14.

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