Tata Consultancy Services Market Cap Soars After Blockbuster Q3 Results, Check Highlights

Share prices of Tata Consultancy Services (TCS) soared on Monday. The leading global IT services reported a robust December quarter growth which helped its market capitalisation cross the Rs 12 trillion mark.

The shares rose 3 percent to touch 52 week high of Rs 3,230 in early trade on Monday post its strongest Q3 growth in nine years. Shares of TCS closed at Rs 3,170.45 up by Rs 49.55 or 1.59 percent at the National Stock Exchange.

TCS reported a good set of revenue for the October-December 2020 period which increased from 5.42 per cent to Rs 42,015 crore. The company also observed an increase of 7.2 percent in its net profit to Rs 8,701 crore. TCS announced a dividend at the rate of Rs 6 per share, the record date for the same is January 16.

Other highlights from the TCS Q3 results:

1. Constant Currency Revenue growth of 4.1 percent QoQ

2. The company registered net income at USD 1.18 billion, which is up 3.4 percent QoQ and 3.7 percent YoY

3. For the IT major, the net cash from operations stood at USD 1.62 Billion

On Monday, the financial markets were at a high. The benchmark Sensex touched a record intra-day high of 49,303.79 during the day and ended at 486.81 points or 1 per cent higher at 49,269.32. Similarly, the NSE Nifty rose 137.50 points or 0.96 per cent to finish at 14,484.75.

Except for TCS, several other stocks of IT companies touched new 52-week highs, including Infosys which rose to Rs 1,365.95, HCL Technologies to 1,029, Wipro to Rs 444.95, Mindtree to Rs 1,764.50 and Tech Mahindra to Rs 1,068.65 per share.

The top gainers at the stock market on Monday included HCL Tech, Infosys, HDFC, Bajaj Auto, Maruti, Tech Mahindra and M&M. Among the companies which suffered were Bajaj Finserv, Bajaj Finance, Reliance Industries, L&T, Kotak Bank and SB.

As per the experts, the benchmark indices registered fresh highs because of the robust quarterly performances by TCS and D-Mart. Continued improvement in COVID-19 recovery rates and the announcement of the vaccination process from January 16 are some of the other reasons which also contributed comfort to markets.

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