Tata Consultancy Services (TCS), the country’s largest IT services company, on Wednesday beat street expectations in its second-quarter (Q2) financials, led by a rebound in growth in key verticals and geographies.
The company’s consolidated revenues in Q2 rose 3 per cent on a year-on-year (y-o-y) basis at Rs 40,135 crore while they were higher 4.7 per cent quarter-on-quarter (q-o-q).
Tata Consultancy Services (TCS) will be considering a buyback of shares of the company at a board meeting to be held on October 7.
TCS said in a filing that the meeting of the Board of Directors of the company is scheduled on October 7 and the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on October 7, 2020.
The market-capitalisation (m-cap) of Tata Consultancy Services Ltd surged past the Rs 9 trillion-mark for the first time, after its share price rose 1.5 per cent to hit a record high of Rs 2,408 in Monday's early morning trade. The information techology (IT) giant is the second Indian company, after Reliance Industries (RIL), to achieve the milestone.
The IT bellwether's stock surpassed its previous high of Rs 2,389.50, hit on September 8, 2020. At 09:18 am, TCS' m-cap stood at Rs 9.02 trillion, the BSE data shows.
Shares of information technology (IT) companies rallied by up to 14 per cent on the National Stock Exchange (NSE) on Friday after Accenture reported a better-than-consensus Q2 performance. Meanwhile, the Rupee hit a new low on Thursday, falling below 75 against the US dollar for the first time.
Tata Consultancy Services (TCS), HCL Technologies, Wipro, MindTree, and NIIT Technologies gained in the range of 10 per cent to 14 per cent on the NSE as investors indulged in some value-buying as valuations turned attractive after the recent fall in stock prices.
Shares of information technology (IT) companies were under pressure on Wednesday with sector giant Tata Consultancy Services (TCS) and Wipro hitting their respective 52-week lows on the National Stock Exchange (NSE) in the early morning trade on concerns over potential impact from COVID-19 (Coronavirus).
Nifty IT index, the top loser among the key sectoral indices, too hit its 52-week low of 14,356, down 3.4 per cent on the NSE. The index was at its lowest level since January 15, 2019, when it had touched 14,262 points in the intra-day trade.
Software firm TCS and realty major DLF have sought government nod to set up special economic zones (SEZ) for IT sector in Haryana and Uttar Pradesh.
These proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on February 26 here. The inter-ministerial body is chaired by the commerce secretary.
Shares of information technology (I-T) companies surged on Friday, buoyed by a fall in Indian Rupee against the US dollar after a key Iranian and Iraqi military personnel were killed by a US airstrike that sent the oil prices soaring.
Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis were killed early on Friday in an air strike on their convoy at Baghdad airport, Reuters reported.
Shares of information technology (IT) services were trading in the red in the early trade on Tuesday as the rupee hit around one month-high against the US dollar. The domestic currency opened at 70.96 against Monday's close of 71.04.
At 09:51 am, the Nifty IT index was trading over a per cent lower at 14,977 levels with all the 10 constituents in the negative territory.
Shares of Tata Consultancy Services (TCS) hit an over seven-month low of Rs 1,929, down 4 per cent on the BSE in early morning trade on Friday after the IT major on Thursday reported weaker-than-expected numbers for the quarter ended September 30 (Q2FY20). The stock was trading at its lowest level since February 25, 2019.
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