TCS shares up 4% on fine Q1 earnings

TCS opened day on a bullish note and further gained 3.95 per cent to Rs 1,285 on the BSE.

Written by Agencies | Mumbai | Published: July 13, 2012 11:43 am

TCS shares rose by about 4 per cent today,following the IT major’s posting nearly 38 per cent jump in consolidated net profit for the April-June quarter of the financial year 2012-13.

Buoyed by the strong set of numbers,the shares of the company opened the day on a bullish note and further gained 3.95 per cent to Rs 1,285 on the BSE.

Similarly,at the NSE,the stock surged 3.88 per cent to Rs 1,256.90.

“TCS reported yet another healthy quarterly result. Overall the results were encouraging with the management commentary indicating that the company would be able to grow higher than industry,” brokerage firm Angel Broking said in a report.

Helped by the rally in the IT bellwether stock,the Sensex was trading 86.41 points up,at 17,318.96,at 1057 hrs.

A strong performance across sectors and a favourable rupee exchange rate helped the country’s largest software exporter TCS post nearly 38 per cent jump in consolidated net profit at Rs 3,317.68 crore in the quarter ended June.

The revenue also surged by 37.71 per cent to Rs 14,868.71 crore in the quarter under review,from Rs 10,797.02 crore in the year-ago period.

TCS earnings were in contrast to rival Infosys which yesterday reported about 33 per cent rise in Q1 profit to Rs 2,289 crore and cut its dollar revenue guidance amid a volatile global economic environment.

Shares of Infosys continued to slide for the second day in a row,falling by 1.92 per cent to Rs 2,221.65 on the BSE.

It was later trading at Rs 2,245.95,down 0.85 per cent from its previous close.

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