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Tata Consultancy Services to release Q1 earnings today
As per consensus Bloomberg estimates, TCS is expected to post revenues of ₹45,748.6 crore and net profit of ₹9,382.5 crore for the June quarter.
The country's largest IT company, Tata Consultancy Services (TCS), is set to release its June quarter earnings on Thursday. Ahead of the release of the numbers, analysts are anticipating a rise in the company's first-quarter profit as the second wave of Covid-19 crisis ramped up demand for digital services.
As per consensus Bloomberg estimates, TCS is expected to post revenues of ₹45,748.6 crore and net profit of ₹9,382.5 crore for the June quarter.
Meanwhile, the stock market fell as investors prepared for the first-quarter earnings season. The NSE Nifty 50 index was down 0.29% at 15,833.90 by 10:30am, while the benchmark S&P BSE Sensex slipped 0.26% to 52,916.30.
"IT companies are expected to announce robust earnings but we might see some correction if there are any shortfalls in their results as expectations from the sector are very high," Reuters quoted Gaurav Garg, head of research at CapitalVia Global Research in Indore.
"With earnings season kicking in, markets might get a sense of direction since most positive triggers had already been factored in," he also said.
Among stocks that recorded a fall was Tata Motors which saw a slump of 1.4 per cent to ₹312.50 per share. JSW Steel and Hindalco dipped by 1 per cent and 0.7 per cent respectively. Hindustan Unilever, Tata Consumer Products, Nestle India and Sun Pharma also traded with a negative bias.
However, those which gained were Bajaj Auto, IndusInd Bank, Titan, Adani Ports, State Bank of India and Hero MotoCorp.
On Wednesday, Sensex climbed 193.58 points or 0.37 per cent to close at its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points or 0.39 per cent to its record 15,879.65.
(With agency inputs)
