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  4. TSC stock soars over 4 per cent as Q3 income rises 8 per cent to Rs 11,735 crore

TSC stock soars over 4 per cent as Q3 income rises 8 per cent to Rs 11,735 crore

The stock rose by 4.21 per cent to Rs 3,893.70 on the BSE and 4.24 per cent to Rs 3,894 per share on the NSE. The company's revenue rose by 4 per cent to Rs 60,583 crore, with strong double-digit growth in emerging markets for the third quarter.

Edited By: Akshit Tyagi New Delhi Updated on: January 12, 2024 11:54 IST
TCS
Image Source : PTI (FILE PHOTO) TCS building

Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.

The stock rose by 4.21 per cent to Rs 3,893.70 on the BSE and rallied 4.24 per cent to Rs 3,894 apiece on the NSE. TCS's market capitalization increased by Rs 51,921.94 crore, reaching Rs 14,19,016.71 crore during morning trade.

In the broader equity market, the 30-share BSE Sensex saw a rise of 701.29 points to 72,422.47, while the Nifty climbed 191.95 points to 21,836.25, driven by a rally in IT stocks. Other IT firms like Infosys, Wipro, Tech Mahindra, and HCL Technologies were also trading significantly higher.

TCS, the largest software exporter, reported an 8.2 per cent growth in net income for the December quarter at Rs 11,735 crore. The company's revenue for the reporting quarter increased by 4 per cent to Rs 60,583 crore, with strong double-digit growth in emerging markets, particularly the home market, fueled by a significant project from state-owned telco BSNL.

The company declared a payout of Rs 27 per share, including a special dividend of Rs 18 per share, with a record date of January 19. This dividend announcement followed a Rs 17,000-crore buyback last month.

According to a report by YES Securities, TCS reported in-line operating performance for the quarter.

(With PTI inputs)

READ MORE: Infosys surges over 7 per cent after Q3 profit aligns with estimates 

READ MORE: Stock markets jump in early trade; Sensex gains over 490 points, Nifty above 21,780 amid positive global cues

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