TCS share hits all-time high post strong Q3 earnings

Tata Consultancy Services (TCS) share hit its all-time high in early trade today after the IT major reported its strongest December quarter growth in nine years. Share of TCS rose 3.3% to Rs 3,224 against previous close of Rs 3,120 on BSE.

The IT stock opened with a gain of 3.03% at Rs 3,215. Market cap of the firm rose to Rs 11.87 lakh crore on BSE. TCS share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 44.38 lakh shares of the IT giant changed hands on BSE.

The IT stock has risen 42.87% in one year and gained 10.2% since the beginning of this year. Buoyed by the earnings of TCS, BSE IT index gained 2.77% or 714 points to 26,550 in early trade.

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Earlier, the index hit its 52-week high of 26,607.

Infosys, HCL Tech and Wipro were the top gainers rising up to 4% on Nifty. TCS has reported a 7.2 per cent rise in consolidated net profit to Rs 8,701 crore in Q3 against a net profit of Rs 8,118 crore in the year-ago period. Revenue of the firm grew 5.4 per cent in the quarter under review to Rs 42,015 crore from Rs 39,854 crore in the corresponding period last fiscal.

TCS Q3 results: Profit rises 7% YoY to Rs 8,701 crore; declares interim dividend of Rs 6