INSUBCONTINENT EXCLUSIVE:
TCS share price today: Shares in Tata Consultancy Services hit a record high on WednesdayTCS or Tata Consultancy Services shares jumped more
than 6 per cent to hit a record high on Wednesday with large volumes, a day after the IT major posted strong quarterly earnings
Shares in TCS, the country's largest IT services exporter, closed 5.5 per cent higher at Rs 1,979.60
More than 11.5 lakh Tata Consultancy Services shares changed hands on the BSE (Bombay Stock Exchange), as against a two-week average of 2.6
April-June quarter, beating Street estimates
Analysts had on an average expected TCS to post a net profit of Rs
6,983 crore, according to Thomson Reuters data
TCS reported a revenue of Rs
34,261 crore registering an annual (year-on-year) growth of 15.8 per cent
In the previous quarter, TCS had reported a net profit of Rs
6,904 crore over net income from operations of Rs
32,075 crore.Analysts say that although the company's Q1 performance was stronger than anticipated.AK Prabhakar, head of research at IDBI
Capital, recommends TCS shares strictly from a long-term perspective
"TCS results were better than expectations We have increased the target price post-earnings to Rs 2,042 on valuations," he said
However, he sees limited upside in the stock
At the revised target price, the shares will become "a bit expensive", he adds.Brokerage HDFC Securities upgraded TCS shares from 'neutral'
to 'buy' with a target price of Rs 2,130
tailwinds persist.TCS shares were among the top gainers on key indices Sensex and Nifty.
