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Business News/ Markets / Stock Markets/  TCS share price gains as K Krithivasan takes charge as new MD & CEO; Who is he?

Tata Consultancy Services (TCS) share price rose over a percent on Thursday after K. Krithivasan assumed full-time charge as the chief executive officer of the company.

India’s largest information technology (IT) services company, TCS had named Krithivasan as CEO-designate on March 16 after Rajesh Gopinathan stepped down from the position he assumed in 2017.

Krithivasan is only the fifth CEO of the company in its 55-year history, reflecting the stable management and strong leadership. Krithivasan has been at TCS for over 34 years now and was Global Head of the Banking, Financial Services, and Insurance (BFSI) Business Group at TCS.

Market experts believe that the change in leadership will not pose any uncertainty for the company, while Krithivasan’s previous role may further help during a period of global slowdown in IT spending with the BFSI sector being hit the worst.

Meanwhile, during the quarter ended March 2023, TCS's consolidated net profit grew 5.03% QoQ to 11,392 crore. Its revenue from operations stood at 59,162 crore, registering a sequential rise of 1.6%. 

The company's net margins stood at 19.3%, while operating margins came in flat at 24.5%.

TCS also declared a final dividend for FY23 to the tune of 24 per equity share.

At 12:30 pm, the shares of TCS were trading 1.21% higher at 3,330.85 apiece on the BSE.

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Updated: 01 Jun 2023, 04:33 PM IST
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