The Tata Consultancy Services stock hit its all-time high in trade today amid optimism over Q1 earnings set to be announced next week. The stock touched an intra day high of 1,920 level, a rise of 2.03% from the previous close of 1,881.70 on the BSE. At 3:05 pm, the stock was trading 1.56% or 29 points higher at 1911 level on BSE.
The stock closed 1.68% or 31 points higher at 1913 level on the BSE.
The firm will announce its Q1 earnings on July 10, 2018.
The stock has been gaining for the last two days and clocked 2.27 rise during the period. It has logged 63.10% gains during the last one year and has risen 41.62% since the beginning of this year.
Country's largest software exporter and top firm by market capitalisation (m-cap) crossed the key level of Rs 7.32 lakh crore m-cap during the rally.
TCS is expected to report 3.7% constant currency (CC) revenue growth powered by ramp-up of recently won large deals, according to Kotak Institutional Equities estimates. Growth will be led by seasonal strength and ramp-up of large deals won in 2HFY18. All verticals, barring banking, will report healthy growth, the brokerage said.
"We expect 3.3% QoQ CC growth in Q1. This signifies acceleration compared to the 2 percent QoQ CC growth witnessed in Q4 FY18," Motilal Oswal said in an earnings preview report recently.
The falling of rupee to an all-time low of 69.10 is expected to push earnings of IT firms in an upward trajectory.
A fall in rupee translates to higher income for IT firms. IT companies earn most of their revenues in dollars. So, each dollar earned abroad will now get them more rupees.