Shares of Tata Consultancy Services Ltd. rose the most in nearly two weeks on Thursday after its first-quarter profit beat analysts' estimates.
The company's net profit declined 2.79% sequentially to Rs 11,074 crore in the quarter ended June, according to an exchange filing, but beat analysts' estimates of Rs 10,982 crore.
TCS Q1 FY24 (Consolidated, quarter-on-quarter)
Revenue up 0.37% at Rs 59,381 crore. (Bloomberg estimate: Rs 59,862 crore).
Ebit at Rs 13,755 crore. (Bloomberg estimate: Rs 14,048 crore).
Margin stood at 23.16% versus 24.48%. (Bloomberg estimate: 23.7%).
Net Profit down 2.79% at Rs 11,074 crore. (Bloomberg estimate: Rs 10,982 crore).
TCS has declared an interim dividend of Rs 9 per share.
Revenue rose 7% year-on-year in constant currency terms.
Shares of Tata Consultancy Services rose 2.70% to Rs 3,347.9 apiece, compared to a 0.92% advance in the Nifty 50 as of 10:11 a.m. The stock rose as much as 2.73% intraday, the most in nearly two weeks, since June 30. It has risen nearly 2.90% year-to-date.
Total traded volume stood at 3.3 times its 30-day average. The relative strength index was at 61.
Of the 49 analysts tracking the company, 25 maintain a 'buy' rating, 13 recommend a 'hold', and 11 suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 4.8%.
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