TCS shares up 5% on Q1 nos, m-cap zooms `16,000 cr
20 July 2013 10:53 PM GMT
Shares of Tata Consultancy Services (TCS) on Friday settled with nearly 5 per cent gain, adding Rs 16,000 crore to market value, after the IT major posted better -than-expected 15.5 per cent rise in consolidated net profit for the first quarter.
The IT major's scrip jumped 5.71 per cent to Rs 1,755 -- its record high in intra-day trade, but finally ended the day at Rs 1,741.90, up 4.92 per cent from its previous close on the BSE.
At the NSE, the scrip ended 4.97 per cent higher at Rs 1,743. Following the upsurge in the stock, the market capitalisation of the company shot-up by Rs 16,000 crore to Rs 3,40,928 crore.
The scrip was the top gainer on both the key indices — Sensex and Nifty. TCS alone contributed 56.10 points to the overall Sensex gain.'Today ( Friday) IT stocks were in favour post better-than-expected quarterly results from IT major TCS,' said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
'TCS Q1 beats street estimates. Broad based growth across all segments and signs of discretionary spending coming back is big positive for the entire IT pack,' said Vivek Mahajan, Head of Research, Aditya Birla Money.Strong demand from across sectors and geographies coupled with forex gains helped TCS post a better-than- expected 15.5 per cent jump in consolidated net profit on Thursday at Rs 3,831 crore in the June quarter.
 The company's total revenue, under the Indian IFRS accounting standards, rose 21 per cent to Rs 17,987 crore from Rs 14,869 crore a year ago.'It has been a great quarter in terms of volume. We have delivered a volume growth of 6.1 per cent, the highest in the past seven quarters. If you look at constant currency growth, it's 4.83 per cent and international revenue constant currency growth is 5.8 per cent.
'So except for the domestic market, every other market has grown substantially,' TCS Managing Director and Chief Executive N Chandrasekaran had said on Thursday.The IT giant said revenue gains on the rupee fall rose by 160 basis points to Rs 760 crore, while impact on the margins has been Rs 160 crore which is an increase of 1.64 per cent.Meanwhile, helped by buying at the TCS counter, other IT stocks also gained. HCL Tech gained 4 per cent, Tech Mahindra (3.59 per cent), Infosys (1.65 per cent) and Wipro (1.49 per cent).
Led by the gains in these stocks, the BSE IT index rose by 2.81 per cent to 7,097.29 and was the top gainer among the 13 sectoral indices.
The IT major's scrip jumped 5.71 per cent to Rs 1,755 -- its record high in intra-day trade, but finally ended the day at Rs 1,741.90, up 4.92 per cent from its previous close on the BSE.
At the NSE, the scrip ended 4.97 per cent higher at Rs 1,743. Following the upsurge in the stock, the market capitalisation of the company shot-up by Rs 16,000 crore to Rs 3,40,928 crore.
The scrip was the top gainer on both the key indices — Sensex and Nifty. TCS alone contributed 56.10 points to the overall Sensex gain.'Today ( Friday) IT stocks were in favour post better-than-expected quarterly results from IT major TCS,' said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
'TCS Q1 beats street estimates. Broad based growth across all segments and signs of discretionary spending coming back is big positive for the entire IT pack,' said Vivek Mahajan, Head of Research, Aditya Birla Money.Strong demand from across sectors and geographies coupled with forex gains helped TCS post a better-than- expected 15.5 per cent jump in consolidated net profit on Thursday at Rs 3,831 crore in the June quarter.
 The company's total revenue, under the Indian IFRS accounting standards, rose 21 per cent to Rs 17,987 crore from Rs 14,869 crore a year ago.'It has been a great quarter in terms of volume. We have delivered a volume growth of 6.1 per cent, the highest in the past seven quarters. If you look at constant currency growth, it's 4.83 per cent and international revenue constant currency growth is 5.8 per cent.
'So except for the domestic market, every other market has grown substantially,' TCS Managing Director and Chief Executive N Chandrasekaran had said on Thursday.The IT giant said revenue gains on the rupee fall rose by 160 basis points to Rs 760 crore, while impact on the margins has been Rs 160 crore which is an increase of 1.64 per cent.Meanwhile, helped by buying at the TCS counter, other IT stocks also gained. HCL Tech gained 4 per cent, Tech Mahindra (3.59 per cent), Infosys (1.65 per cent) and Wipro (1.49 per cent).
Led by the gains in these stocks, the BSE IT index rose by 2.81 per cent to 7,097.29 and was the top gainer among the 13 sectoral indices.
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