TCS shares jump 5% on smart Q3 numbers
Mumbai: Shares of TCS on Tuesday soared by nearly five percent in early trade, after the company posted better- than-expected 26.7 percent jump in net profit for the October-December quarter.
Boosted by the smart earnings, shares of the company opened the trade on a bullish note and further jumped 4.92 percent to Rs 1,400 on the BSE.
The scrip was the top performer among the 30-Sensex blue chip stocks during the morning trade.
At NSE, the stock shot-up by 4.9 percent to Rs 1,400.
"TCS reported yet another healthy quarterly result, outperforming street expectations on the operating margin as well as profit front," Angel Broking said in a report.
Country's largest software exporter TCS yesterday posted 26.7 percent jump in net profit at Rs 3,550 crore for the October-December quarter, while sounding bullish about the next fiscal and raising hopes that IT sector may have turned the corner.
Tata Consultancy Services had logged net profit of Rs 2,803 crore in the year-ago period. The numbers are according to the Indian accounting standard, Gaap.
"Fundamentally, FY'14 will be a better year than the current fiscal (2012-13). We see that the momentum is good, customers are embracing new technologies. From customers point of view, we are not seeing any cause for worry," TCS Chief Executive and Managing Director N Chandrasekaran said.