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TCS hits intra-day record high, ends 5% up

TCS hits intra-day record high, ends 5% up
PTI
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First Published: Tue, Jan 18 2011. 04 51 PM IST
Updated: Tue, Jan 18 2011. 04 51 PM IST
Mumbai: Buyoed by handsome Q3 profits, Tata Consultancy Services (TCS) on Tuesday hit its all-time high of Rs1,207 a share in intra-day trading on Bombay Stock Exchange (BSE), before paring some of the gains to close at 5.48% up from its previous close.
The country’s largest software firm had on Tuesday posted 29.93% jump in its consolidated net profit at Rs2,369.83 crore for the October-December quarter.
Bolstered by the better-then-expected numbers, Tata Consultancy Services scrip had a bull-run and zoomed by 6.04% to hit a lifetime high of Rs1,207.
It, however, ended at Rs1,200.55 a piece, up 5.48% on the Bombay Stock Exchange, becoming the best performer on the 30-share benchmark Sensex.
Similarly, the TCS counter witnessed a jump of 5.19% to finish at Rs1,196.45 on the National Stock Exchange (NSE).
“TCS results came in above expectations. Improvement in operating margins was also a pleasant surprise. We expect the stock to do well,” Kotak Securities senior vice president (PCG Research) Dipen Shah said.
Experts also said that the third quarter numbers of TCS were encouraging not only for the company itself, but for the entire IT sector.
In line with TCS, the IT majors Infosys Technologies and Wipro also witnessed a smart surge of 1.54% and 2.79%, respectively. Led by the strength in the IT counters, the sectoral index gained the most among the 13 indices, closing 170.57 points higher at 6,720.76.
Significant surge in TCS was instrumental in the surge of BSE bellwether Sensex, which settled at 19,092.05, up by 209.80 points from its previous close.
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First Published: Tue, Jan 18 2011. 04 51 PM IST
More Topics: TCS | Markets | Q3 results | Shares | Stock markets |