TCS Q3 Result: Share price jumps 4% as investors give thumbs up; buy, sell or hold?

  • TCS Q3 results 2024: Tata Consultancy Services reported broadly in-line earnings for the December quarter of the current financial year

Asit Manohar
Updated12 Jan 2024, 10:45 AM IST
Stock market today: TCS share price today opened upside and went on to touch an intraday high of  <span class='webrupee'>₹</span>3,894 apiece on NSE, logging over a 4% rise against its Thursday's close of  <span class='webrupee'>₹</span>3,735.55 per share.
Stock market today: TCS share price today opened upside and went on to touch an intraday high of ₹3,894 apiece on NSE, logging over a 4% rise against its Thursday’s close of ₹3,735.55 per share.

Stock market today: After the announcement of the Tata Consultancy Services (TCS) Q3 results on Thursday evening (after market close), TCS share price witnessed an upside swing in the morning session on Friday. TCS share price today opened upside at 3,848 apiece level on NSE and went on to touch an intraday high of 3,8694 mark within a few minutes of the stock market's opening bell. While climbing to this intraday high, TCS shares logged an intraday gain of over 4 per cent.

According to stock market experts, TCS share price is ascending today as the Indian IT major reported better-than-expected Q3 results 2024 on Thursday. TCS has managed to log profit despite a seasonally weak quarter buffeted by macroeconomic headwinds. However, they maintained that TCS Q3 results 2024 is better-than-expected but it's not enough for the re-rating of the stock.

Is TCS Q3 results enough for fresh uptrend?

On how this TCS Q3 results would impact TCS share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “TCS has reported better-than-expected Q3 results. The company has reported profit while the market was expecting muted numbers. The company's margins and revenue have also improved as it has got forex benefits. But, the single quarter results won't be enough for the re-rating of the stock. So, one needs to remain vigilant about the company's business in North America and the UK in upcoming quarters.”

TCS share price target

Expecting further upside in the short term, Sumeet Bagadia, Executive Director at Choice Broking said, “TCS share price has made strong base at 3725 apiece levels. Those who have TCS stocks in their portfolio are advised to hold the scrip keeping the stop loss at 3725. TCS share price may go up to 4,000 apiece levels in the near term.”

Also Read: Infosys shares rally over 6% on better-than-expected Q3 results; Should you buy?

For suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain a buy on a dip strategy keeping stop loss at 3725 per share levels for short term target of 4,000 apiece levels.”

TCS Q3 results 2024

In Q3 results 2024, TCS' revenue grew 4 per cent year-on-year (YoY) while profit grew 2 per cent YoY. The company's operating margin improved by 50 bps to 25 per cent during the quarter under review which, as per the company, excludes the one-time charge of $125 million towards the settlement of legal claim.

TCS reported a 4 per cent YoY rise in its Q3 consolidated revenue from operations at 60,583 crore against 58,229 crore in the same quarter last year. Sequentially (quarter-on-quarter), the company's revenue inched up by 1.5 per cent against 59,692 crore in Q2FY24.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.

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First Published:12 Jan 2024, 10:45 AM IST
HomeMarketsStock MarketsTCS Q3 Result: Share price jumps 4% as investors give thumbs up; buy, sell or hold?

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