TCS shares jump over 1% ahead of Q4 results announcement; Nifty 50 settles above 17800, Nifty IT gains 1%
时间:2024-06-26 11:06:59 阅读(143)
Tata Consultancy Services Ltd shares rose 1.5% on Wednesday ahead of the Q4 results announcement. TCS stock touched an intraday high of Rs 3,260.95 and closed at Rs 3,245.50. In comparison, NSE Nifty 50 rose 90.10 pts or 0.51% settling at 17,812.40 and Nifty IT surged 304.55 pts or 1.06%, concluding at 28,980.30. The company’s revenue in the fourth quarter may have risen as much as 17.6% on-year and the revenue growth would be driven by spending on cloud and digital programs, cost take-outs and wallet share/vendor consolidation gains, according to analysts.
Sequentially, TCS earnings are likely to show weak growth, primarily due to currency headwinds, and less number of working days in the quarter. “We expect the company to report 1 per cent CC revenue growth for the quarter,” said ICICI Securities. “We expect 100 bps cross-currency tailwinds due to GBP and EUR appreciation against US$. Hence, dollar revenues are expected to grow 2 per cent QoQ,” ICICI Securities added. Q4 is a seasonally weak quarter due to fewer working days and some furlough impact in January.
TCS shares have fallen nearly 3% in the past one month and over 12% in the last one year. However, the stock has risen over 100% in the past 5 years. At the current market price of Rs 3242.50, the company’s market capitalisation stands at Rs 11.86 lakh crore. The shares hit an intraday low of Rs 3,199 on Wednesday. TCS stock touched a 52-week high of Rs 3,738.60 on 12 April 2022 and a 52-week low of Rs 2,926 on 26 September 2022.
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