Mumbai: Shares of IT major TCS soared over 10 percent in the morning trade Tuesday, following 21.9 percent rise in net profit for 2011-12 and an upbeat outlook.
Cheering the numbers announced last evening, shares of TCS shot up by 10.24 percent to Rs 1,167.80 on the BSE.
Similarly, on National Stock Exchange, the stock gained 9.69 percent to Rs 1,167.40.
In a sluggish market, where the BSE benchmark Sensex was trading slightly down at
17,089.06, TCS was the top performer among the blue-chip stocks.
On the volume front, 6.15 lakh shares of the company were traded on the BSE, while over 35 lakh shares changed hands on the NSE till 1000 hrs.
After the disappointment with Infosys results, TCS continues to deliver on course with expectations, brokerage house Emkay Global Financial Services said in a report.
Country's largest software exporter TCS posted a 21.9 percent rise in net profit for 2011-12 at Rs 10,638.2 crore and said it is on track to outperform the industry revenue growth of 11-14 percent set by industry body Nasscom for 2012-13.
The company also became the first Indian IT company to cross the USD 10 billion milestone posting annual revenues of USD 10.17 billion in 2011-12.
The IT major's net profit for the fourth quarter of the last fiscal rose by 22.6 percent to Rs 2,932.4 crore on the back of a 30.5 percent rise in revenues at Rs 13,259.3 crore.
First Published: Tuesday, April 24, 2012, 11:25