New Delhi: Shares of TCS Friday surged nearly 7 per cent, adding Rs 41,301 crore to its market valuation, after the company reported a 4.4 per cent rise in March quarter net profit and guided towards a better show in fiscal 2019.
The stock jumped 6.76 per cent to settle at Rs 3,406.40 on BSE. During the day, it soared 7.22 per cent to its 52-week high of Rs 3,421.25.
On NSE, shares of the company rose sharply by 6.62 per cent to close at Rs 3,402.45.
The stock was the biggest gainer on both Sensex and Nifty.
Led by the gain in the stock, the company’s market capitalisation moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore.
In terms of equity volume, 7.72 lakh shares of the company were traded on BSE and over 92 lakh shares changed hands on NSE during the day.
“TCS reported better-than-expected quarterly numbers,” Emkay Global Financial Services said in a report.
Buying was also seen in other IT counters, with Tech Mahindra rising 5.34 per cent, HCL Technologies 4.67 per cent, Infosys 4.02 per cent and Wipro 2.31 per cent on BSE.
Led by the sharp gains in these stocks, the BSE IT index gained 4.80 per cent to end at 13,335.13.
Stating that fiscal 2017-18 has been a “sobering year” on slower revenue growth, the nation’s largest software exporter TCS Thursday reported a 4.4 per cent rise in March quarter net profit at Rs 6,904 crore.
The Tata group flagship, which contributes around 85 per cent of the group’s profit, reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.
It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year. (PTI)