TCS, Infosys make investors richer by Rs 1 lakh crore after Q3 earnings

Tata Consultancy Services (TCS) and Infosys added a total of Rs 1 crore in the total market capitalisation of the Indian listed companies on Friday. Both homegrown software exporters saw a strong buying interest after announcing their results for the December 2023 quarter on Thursday, after market hours.

Tata Consultancy Services surged more than 4.20 per cent to Rs 3893.70 on Friday, commanding a total market capitalization 14,24,724.83 crore, adding Rs 57630.06 crore from its previous close at Rs 3,736.20 and a market capitalization of Rs 13,67,094.77 crore on Thursday.

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Similarly, shares of Infosys rallied about 7.5 per cent to Rs 1,606.55 during Friday's trading session, boasting a total market capitalization of Rs 6,66,779.96 crore. The stock had settled at Rs 1495 in the previous trading session with a total valuation of Rs 6,20,482.24 crore. Infosys added at Rs 46,288.05 crore in its mcap.

The total addition of the two largest IT majors of the company in investor's wealth came out to be Rs 1,03,918.11 crore for the day. Interestingly, both the companies - TCS and Infosys - were slightly below their individual 52-week high at Rs 3,928.95 and Rs 1,620, respectively.

Not just TCS and Infosys, other IT blue-chips were also in demand at Dalal Street. Shares of Wipro surged about 4.7 per cent to Rs 469 on Friday, while HCL Technologies stock gained more than 3.5 per cent to Rs 1537.70 during Friday's trade. The buying in the IT pack lifted the BSE Sensex by 667.08 points, or 0.95 per cent, to 72,388.26 during the early session.

India's largest IT services company, Tata Consultancy Services (TCS) reported about a 2 per cent growth in the net profit on a year-on-year (YoY) basis at Rs 11,058 crore in the quarter ended December 31, 2023.  TCS' consolidated revenue rose 4 per cent YoY to Rs 60,583 crore during the three-month ended December 31, 2023.

Infosys, the second largest IT company in the country, reported a 7.3 per cent year-on-year (YoY) drop in the profit at Rs 6,106 crore in the third quarter of the ongoing financial year. Infosys' consolidated revenue for the quarter came in at Rs 38,821 crore, increasing up 1.3 per cent YoY. 

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