TCS shares up 4% ahead of Q2 results tomorrow
Mumbai: Shares of software major TCS on Monday rose by over 4 percent to touch one-year high level ahead of its second quarter results to be announced tomorrow.
Tata Consultancy Services scrip ended the day 4.27 percent higher at Rs 2,214.65 apiece on the BSE. The stock had opened on a positive note and rallied to touch its fresh 52- week high of Rs 2,224 apiece.
On the National Stock Exchange (NSE), the stock settled at Rs 2,218.50, up 4.55 percent. In the intra-day trade, TCS had touched its one-year high of Rs 2,225 apiece.
The company is scheduled to announce its second quarter earnings tomorrow.
According to a quarterly report by Kotak Institutional Equities, TCS is expected to lead the tier-I pack with 4.3 percent Q-o-Q dollar revenue growth.
During the April-June quarter, TCS had reported a 15.5 percent jump in consolidated net profit to Rs 3,831 crore on strong demand across sectors and geographies, coupled with forex gains.
The company's total revenue had risen 21 percent to Rs 17,987 crore from Rs 14,869 crore a year ago.
Tracking the upbeat sentiment in the whole IT pack, other stocks such as Wipro surged 2.58 percent to close at Rs 500.90 on the BSE. Infosys went up 1.52 percent to settle at Rs 3,323.50.
Besides, HCL Technologies grew 0.44 percent to Rs 1,160 and Tech Mahindra inched up 0.57 percent to Rs 1,557.40.
Overall, the BSE IT index escalated by 2.32 percent to settle at Rs 8,711.87 points, while 30-scrip sensitive index (Sensex) rose marginally by 0.38 percent to close at 20,607.54 points.