TCS Shares Climb Over 4% Post Q3 earnings; Mcap Surges Rs 51,922 Cr

File Photo

New Delhi: Shares of Tata Consultancy Services climbed more than 4 percent in morning trade on Friday, adding Rs 51,921.94 crore to its market valuation, after the company reported an 8.2 percent growth in net income for the December quarter at Rs 11,735 crore.

The stock jumped 4.21 percent to Rs 3,893.70 on the BSE. On the , it rallied 4.24 percent to Rs 3,894 apiece. The company's market capitalisation (Mcap) went up by Rs 51,921.94 crore to Rs 14,19,016.71 crore during the morning trade.

In the equity market, the 30-share BSE Sensex traded with a jump of NSE 701.29 points at 72,422.47, and the Nifty climbed 191.95 points to 21,836.25, powered by a rally in IT stocks.

From the Sensex and Nifty pack, Infosys, Wipro, Tech Mahindra, and HCL Technologies were also trading significantly higher. Largest software exporter Tata Consultancy Services (TCS) on Thursday reported an 8.2 percent growth in net income for the December quarter at Rs 11,735 crore, driven by a massive growth in the home market that offset to a large extent the impact of a 3 percent degrowth in the US market.

The top management of the Tata Group company said its revenue for the reporting quarter grew 4 percent to Rs 60,583 crore driven by a strong double-digit growth in emerging markets, led by the home market on the back of a massive project from state-owned telecom BSNL.

The company also declared a payout of Rs 27 a share, including a Rs 18 per share special dividend, which has the record date on January 19. The dividend comes on the heels of a mega Rs 17,000-crore buyback last month.

"Tata Consultancy Services reported in-line operating performance for the quarter," according to a report by YES Securities.