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TCS scrip at all-time high on robust Q2 nos, Wipro profit lags forecast

Software exporter TCS today reached its peak of Rs 1,040.70 at the BSE, a day after the company clocked a $ 2 bn (about Rs 9,286 crore) revenue for the first time. Meanwhile, software services firm Wipro missed forecasts with a 9.7% rise in Q2 profit as higher salaries and currency volatility hit margins.

india Updated: Oct 22, 2010 13:05 IST

India's biggest software exporter Tata Consultancy Services (TCS) today reached its peak of Rs 1,040.70 at the Bombay Stock Exchange, a day after the company clocked a USD two billion (about Rs 9,286 crore) revenue for the first time.

Shares of TCS surged by 5.77 per cent during the morning trade on the BSE, to touch its all-time high of Rs 1,040.70
and emerged as the best performing scrip in the Sensex.

The company was also a significant contributor in the Sensex gains. The IT major had yesterday posted a jump of 32 per cent in net profit at Rs 2,169.21 crore for the September quarter.

"The strong set of second quarter results displayed by TCS has been responsible for pulling the company's stocks,"
Ashika Brokers Research Head Paras Bothra said.

Another IT major Wipro today posted a growth of 9.75 per cent in net profit for the second quarter ending September 30, at Rs 1,284.9 crore.

But, share of the company plunged by 3.97 per cent to trade at Rs 451.10 on BSE. "Wipro's quarterly results could not meet the street expectation, and therefore, the scrip witnessed a fall," Bothra added.

The IT index rose by 1.15 per cent at 6,130.35 and was at the top among the 13 sectoral indices of the BSE. Among other heavyweights, bellwether Infosys Technologies was quoting 0.49 per cent up, while HCL Technologies was down
by 1.05 per cent.

Meanwhile, the BSE Sensex was trading at 20,329.62, higher by 69.04 points.

First Published: Oct 22, 2010 09:26 IST