New Delhi: TCS shares on Friday rose nearly 7 per cent, adding Rs 94,866.26 crore to its market valuation, after the country's largest IT services player reported 8.7 per cent growth in June quarter net profit to Rs 12,040 crore.
The massive rally in leading IT stocks also took its market valuation above the Rs 15 lakh crore mark.
The shares rose 6.68 per cent to settle at Rs 4,184.90 apiece on the BSE. During the day, it rose 7 percent to Rs 4,199.
On the NSE, it rose 6.59 per cent to Rs 4,182.45 per share.
The market valuation of the company increased from Rs 94,866.26 crore to Rs 15,14,133.45 crore.
The stock emerged as the biggest gainer among the Sensex and Nifty pack.
Meanwhile, other IT stocks including Infosys, Tech Mahindra, HCL Technologies and Wipro were also in high demand. Infosys, HCL Technologies and Tech Mahindra rose over 3 per cent each, while Wipro soared 4.81 per cent on the BSE.
Following the rally in IT stocks, the BSE information technology index ended with a jump of 4.32 per cent at 39,828.91.
Massive purchases of IT stocks fueled a rally in the stock market.
In the broader equity market, the 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a fresh closing high of 80,519.34. During the day, it rose 996.17 points or 1.24 percent to reach an all-time high of 80,893.51.
The NSE Nifty rose 186.20 points or 0.77 per cent to settle at a record close of 24,502.15. Intraday, it jumped 276.25 points or 1.13 percent to hit a new all-time high of 24,592.20.
"Nifty ended strong led by Information Technology stocks after Tata Consultancy Services surprised the street with its first quarter results," said Deepak Jasani, head of retail research at HDFC Securities.
Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024.
The net profit for the same period of the previous year amounted to Rs 11,074 million.
The company, which competes in the IT services market with the likes of Infosys, Wipro and HCLTech, reported a 5.4 per cent rise in revenue to Rs 62,613 crore in the just-ended quarter.
"I am pleased to report a strong start to the new fiscal year with broad-based growth across industries and markets," K Krithivasan, MD, TCS, said in a statement.
TCS has declared an interim dividend of Rs 10 per share of Re 1 each.
"Markets were encouraged by TCS' first quarter results, which triggered a massive rally in other IT stocks," said Prashanth Tapse, senior vice president (research) at Mehta Equities Ltd.
The massive rally in leading IT stocks also took its market valuation above the Rs 15 lakh crore mark.
The shares rose 6.68 per cent to settle at Rs 4,184.90 apiece on the BSE. During the day, it rose 7 percent to Rs 4,199.
On the NSE, it rose 6.59 per cent to Rs 4,182.45 per share.
The market valuation of the company increased from Rs 94,866.26 crore to Rs 15,14,133.45 crore.
The stock emerged as the biggest gainer among the Sensex and Nifty pack.
Meanwhile, other IT stocks including Infosys, Tech Mahindra, HCL Technologies and Wipro were also in high demand. Infosys, HCL Technologies and Tech Mahindra rose over 3 per cent each, while Wipro soared 4.81 per cent on the BSE.
Following the rally in IT stocks, the BSE information technology index ended with a jump of 4.32 per cent at 39,828.91.
Massive purchases of IT stocks fueled a rally in the stock market.
In the broader equity market, the 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a fresh closing high of 80,519.34. During the day, it rose 996.17 points or 1.24 percent to reach an all-time high of 80,893.51.
The NSE Nifty rose 186.20 points or 0.77 per cent to settle at a record close of 24,502.15. Intraday, it jumped 276.25 points or 1.13 percent to hit a new all-time high of 24,592.20.
"Nifty ended strong led by Information Technology stocks after Tata Consultancy Services surprised the street with its first quarter results," said Deepak Jasani, head of retail research at HDFC Securities.
Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024.
The net profit for the same period of the previous year amounted to Rs 11,074 million.
The company, which competes in the IT services market with the likes of Infosys, Wipro and HCLTech, reported a 5.4 per cent rise in revenue to Rs 62,613 crore in the just-ended quarter.
"I am pleased to report a strong start to the new fiscal year with broad-based growth across industries and markets," K Krithivasan, MD, TCS, said in a statement.
TCS has declared an interim dividend of Rs 10 per share of Re 1 each.
"Markets were encouraged by TCS' first quarter results, which triggered a massive rally in other IT stocks," said Prashanth Tapse, senior vice president (research) at Mehta Equities Ltd.
