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TCS shares jump to record high as Q1 net profit up 15 per cent

Tata Consultancy Services (TCS) shares jumped nearly 6 per cent to touch a record high on the bourses after it posted a 15.5 per cent jump in net profit for the first quarter ended June 30.

BT Online Bureau   Mumbai     Last Updated: July 19, 2013  | 11:57 IST

Tata Consultancy Services (TCS) shares jumped nearly 6 per cent on Friday to touch a record high on the bourses after it posted better-than-expected net profit for the first quarter ended June 30.

The IT major on Thursday reported a 15.5 per cent jump in consolidated net profit to Rs 3,831 crore in the April-June quarter on strong demand from across sectors and geographies, coupled with forex gains.

Cheering the news, shares of TCS opened the day on a robust note and further gained 5.64 per cent to Rs 1,753.90 - its all-time high on the Bombay Stock Exchange.

At the National Stock Exchange, the stock shot-up by 5.69 per cent to a record high of Rs 1,755.

Rally in the stock was significant in sending the BSE Sensex higher by 88.06 points to 20,216.47. TCS alone contributed 55.48 points to the overall Sensex gain in morning session.

"TCS Q1 beats street estimates. Broad-based growth across all segments and signs of discretionary spending coming back is big positive for the entire IT pack," said Vivek Mahajan, Head of Research, Aditya Birla Money.

TCS was the top gainer on both the key indices - Sensex and Nifty - during the morning trade.

With inputs from PTI

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