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Shares of Tata Consultancy Services Ltd rose as much as 6.5 per cent to a record high of Rs 3,399.90. The stock posted biggest intraday percentage gain since April 12.
New deal wins helped India’s largest software exporter TCS report a 4.5 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter against Rs 6,608 crore in the same period last fiscal. The Mumbai-headquartered company reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the quarter, up from Rs 29,642 crore a year ago.
TCS has also approved a 1:1 bonus issue and recommended a final dividend of Rs 29 per share.
Credit Suisse says the company has registered solid Q4 with a revenue beat and a slight miss on margins.
Jefferies says management commentary of strong growth in retail in FY19 and green shoots in Banking Financial Services and Insurance (BFSI) support its view of an acceleration in growth going forward.
Commentary on BFSI was more tempered though it did indicate some green shoots in the key North American market which has been key to the sluggish growth in the sector, it says.
IDBI Capital says “more confident of TCS seeing the best improvement in FY19 revenue growth (organic) amongst IT large-caps”.
Jefferies has maintained 'hold' on stock. It says most of the improved outlook is already priced into stock price. TCS stock has risen 18 per cent this year up to Thursday versus a 14 per cent gain in the NSE IT index.
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