Shares of Tata Consultancy Services (TCS) surged over 3% on Friday after the IT giant reported an 8.7% growth in net profit for the June quarter, amounting to Rs 12,040 crore.
On the Bombay Stock Exchange (BSE), TCS stock climbed by 3.10%, reaching Rs 4,044.35. Similarly, at the National Stock Exchange (NSE), the stock rose by 3% to Rs 4,044.90. This robust performance boosted the company's market valuation by Rs 40,359.77 crore, bringing it to Rs 14,59,626.96 crore during morning trading sessions. TCS emerged as the biggest gainer among the Sensex pack.
"The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," commented V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the broader equity market, the 30-share BSE Sensex rose by 226.11 points, reaching 80,123.45 in early trade. Concurrently, the NSE Nifty gained 82.1 points to stand at 24,398.05.
On Thursday, TCS announced an 8.7% year-on-year increase in its consolidated net profit for the first quarter ending June 2024, totaling Rs 12,040 crore, compared to Rs 11,074 crore in the same period last year.
The company's revenue for the quarter grew by 5.4%, reaching Rs 62,613 crore.
"I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," stated K Krithivasan, Chief Executive Officer and Managing Director of TCS, in a press release.
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