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TCS shares surge on better-than-expected Q1 earnings

The IT giant, which is also the country's most valued firm in terms of market valuation, was the top gainer on both Sensex and Nifty.

twitter-logo PTI   Mumbai     Last Updated: July 18, 2014  | 14:10 IST
TCS shares surge on better-than-expected Q1 profit
(Photo: Reuters)

Tata Consultancy Services (TCS) shares surged over 4 per cent after the country's largest software exporter posted a better-than-expected earnings in the June quarter.

After making a strong opening, shares of the IT major further rose by 4.4 per cent to Rs 2,486 on the Bombay Stock Exchange. On the National Stock Exchange, it gained 4.32 per cent to Rs 2,485.

TCS had on Thursday reported a 45 per cent jump in June quarter net profit at Rs 5,568 crore, helped by a broad-based revenue growth and one-time impact from a change in depreciation computation.

"It has been a very well rounded, broad-based growth across the board," TCS Chief Executive and Managing Director N Chandrasekaran had said.

The Mumbai-headquartered company had posted a net profit of Rs 3,840 crore under the IGAAP system of accounting for the corresponding period last year.

"TCS announced better-than-expected results for Q1 FY2015," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.

TCS, which is also the country's most valued firm in terms of market valuation, was the top gainer on both Sensex and Nifty.

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