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TCS shares jump 6% after better-than-expected Q1 earnings

The country’s largest software exporter yesterday posted 23.4% rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018.

business Updated: Jul 11, 2018 15:10 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
TCS share price,TCS shares,TCS Q1 results
Rajesh Gopinathan, CEO and managing director of Tata Consultancy Services (TCS) speaks during a press conference announcing the Q1 financial results in Mumbai on July 10, 2018. TCS reported a 24% rise in quarterly earnings thanks to strong growth in its banking and financial services division. (AFP Photo)

Shares of Tata Consultancy Services rose almost 6% on Wednesday, after the company posted better-than-expected earnings.

The stock after making a positive opening further jumped to trade at Rs 1983 at 1.57 pm, 5.65% higher, on the BSE.

It was the top gainer in the Sensex pack in afternoon trade. On the NSE, shares of the company gained 5.83% to Rs 1,984.50.

“TCS first quarter results were better-than-expected on all fronts against our/street estimates,” Emkay Global Financial Services said in a report.

The country’s largest software exporter on Tuesday posted 23.4% rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing.

The Tata Group company -- which accounts for a lion’s share of the group’s overall profit -- saw its income from operations grow 15.8% to Rs 34,261 crore during the quarter, up from Rs 29,584 crore a year ago.

First Published: Jul 11, 2018 14:00 IST