TCS SAVES THE DAY FOR SENSEX AMID SLUMP
Tata Consultancy Services climbed 5.6 per cent to a record ~1,979.6 on the BSE on Wednesday, boosting the firm’s market cap
to $110 billion. Its shares helped the Sensex gain over 26 points to close at 36,265.93, just shy of its lifetime closing high of 36,283.25 hit on January 29.
Tata Consultancy Services (TCS) surged to a record high after posting the fastest pace of profit growth in two years, advancing a business turnaround propelled by higher-margin digital service sales.
Asia’s largest software services provider on Tuesday reported a better-than-expected 24 per cent increase in net income to ~73.4 billion ($1.1 billion) in the June quarter, outstripping the ~70.2 billion analysts predicted on average.
The company, which in April became the first Indian company in a decade to surpass $100 billion in market value, remains a top pick of analysts despite a worsening business environment.
TCS climbed 5.6 per cent to a record ~1,979.6 on Wednesday, boosting the company’s market cap to $110 billion.
The company’s shares helped the Sensex gain over 26 points to close at 36,265.93, just shy of its lifetime closing high of 36,283.25 hit on January 29. The index has gained 691.38 points in just four sessions. The 50-share NSE Nifty, too, closed at 10,948.30, up 1.05 points, after moving between 10,976.65 and 10,923.