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TCS share price closes lower ahead of Q4 earnings

Share price of TCS ended 1.09% or 18 points lower at Rs 1,175 compared to the previous close of Rs 1,734 on BSE

Aseem Thapliyal | April 17, 2020 | Updated 11:41 IST
TCS share closes lower ahead of Q4 earnings
TCS share price has lost 20.62% since the beginning of this year and fallen 19.55% during the last one year

TCS  share price closed lower ahead of the IT firm's Q4 earnings set to be announced later in the day. Share price of TCS ended 1.09% or 18 points lower at Rs 1,175 compared to the previous close of Rs 1,734 on BSE. TCS share price fell up to 3.28% to Rs 1,677 on BSE today. It hit an intra day high of  Rs 1,762.90 on BSE.

TCS share price has lost 20.62% since the beginning of this year and fallen 19.55% during the last one year.

The large cap stock has lost 2.85% in the last 3 days.  Share of TCS is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  The stock hit its 52 week  high of Rs 2,296 on September 3, 2019 and 52 week low of Rs 1,504 on March 13, 2020.

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The firm ended the day with market cap of Rs 6.43 lakh crore on BSE.

Amid the current coronavirus crisis, TCS is expected to post a fall in revenue for the fourth quarter.

The IT companies are likely to be negatively impacted amid coronavirus pandemic and the constant currency revenue for TCS may just grow 0.5 per cent sequentially, ICICI Direct said in a note.

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"The ongoing outbreak of Covid-19 is impacting the economy with IT companies also expected to feel the heat. We expect constant currency revenues to grow 0.5% sequentially (assuming 1% hit due to impact from Covid-19) mainly on the back of lockdown (in India and many countries globally) and slower client decision making led by lower discretionary spends. However, the full impact would be visible in Q1FY21E," said the brokerage.

The IT firm reported a muted 0.2 per cent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. That was against a net profit of Rs 8,105 crore in the year-ago period, TCS said in a BSE filing.

Revenue of the Mumbai-based firm grew 6.7 per cent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal.

Meanwhile, Sensex closed 222 points higher at 30,602 and Nifty ended 67 points in the green at 8,992 today.

By Aseem Thapliyal

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