New Delhi: TCS stocks surged more than 3pc on Friday following the announcement of an 8.7 pc increase in the company's quarterly net profit to Rs 12,040 crore. The BSE saw a 3.10 per cent increase in the stock, reaching Rs 4,044.35. It rose by 3 percent to reach Rs 4,044.90 at the NSE.
The market value of the company increased by Rs 40,359.77 crore to Rs 14,59,626.96 crore during morning transactions. The stock stood out as the top performer within the Sensex group.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the strong performance of TCS and optimistic management feedback could boost the majority of IT stocks. During the initial trading session, the 30-share BSE Sensex increased by 226.11 points to reach 80,123.45 in the stock market. The NSE Nifty increased by 82.1 points, reaching 24,398.05.
In the first quarter of June 2024, Tata Consultancy Services (TCS) reported a consolidated net profit of Rs 12,040 crore, showing an 8.7 per cent increase compared to the previous year. The net profit in the previous year was Rs 11,074 crore.
The organization, which is in competition with companies like Infosys, Wipro, and HCLTech in the IT services sector, announced a 5.4 per cent rise in revenue to Rs 62,613 crore for the most recent quarter. "I am happy to announce a solid beginning to the new financial year, with growth seen across all sectors and markets," stated K Krithivasan, CEO and Managing Director of TCS, in a statement.
TCS announced an interim dividend of Rs 10 for every equity share of Re 1. At the same time, there was also a high demand for other IT stocks like Infosys, Tech Mahindra, HCL Technologies, and Wipro.
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