TCS shares soar 6.5% after Q4 earnings

TCS shares soar 6.5% after Q4 earnings

TCS shares soar 6.5% after Q4 earningsOn NSE, shares of the company surged 6.54 % to its one-year high of ₹ 3,399.90.

Shares of TCS on Friday jumped 6.5 % after the company reported a 4.4 % rise in March quarter net profit and guided towards a better show in fiscal 2019.

The stock, after making a positive opening, further soared 6.55 % to hit its 52-week high of ₹3,399.90 on BSE.

On NSE, shares of the company surged 6.54 % to its one-year high of ₹ 3,399.90.

The company’s quarterly results were announced post market hourson Thursday

The stock was the biggest gainer on both key indices, Sensex and Nifty.

The firm’s market valuation zoomed ₹37,702.06 crore to ₹6,45,880.63 crore.

In terms of equity volume, 5.54 lakh shares of the company were traded on BSE and over 56 lakh shares changed hands on NSE in the morning session.

Buying was also seen in other IT stocks, with Infosys trading higher by 3.49 % and Wipro 1.92 % on BSE.

Stating that fiscal 2017-18 has been a “sobering year” on slower revenue growth, the nation’s largest software exporter TCS yesterday reported a 4.4 % rise in March quarter net profit at ₹ 6,904 crore.

The Tata group flagship, which contributes around 85 % of the group’s profit, reported a revenue growth of 8.2 % at ₹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 %.

It also announced a 1:1 bonus of shares and a dividend of ₹29 a share, taking the total payout to shareholders at ₹50 for the year. It has given out close to ₹ 26,000 crore to the shareholders in dividends and bonuses in the year.

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