Shares of the country's largest information technology (IT) company - Tata Consultancy Services (TCS) shares surged as much as 3.15 per cent to hit an intraday high of Rs 3,313 on the BSE ahead of its December quarter earnings announcement due later in the day. On the National Stock Exchange, TCS shares rose as much as 3.2 per cent to Rs 3,314.
TCS is expected to post revenue of $6,958 million, up 1.2 per cent sequentially and in rupee terms revenue is likely to come around Rs 57,058 crore, according brokerage firm HDFC Securities.
In September quarter, TCS' revenue jumped 8.6 per cent annually to $6,877 million and registered growth of 15.4 per cent in constant currency terms. Its operating profit margin contracted marginally to 24 per cent.
The company added 9,840 employees taking its total headcount to 616,171 employees.
Its net profit in September quarter advanced 17 per cent annually to Rs 10,059 crore compared with Rs 8,588 crore during the same period last financial year.
At the end of September quarter, TCS said that demand for cloud modernization services continued across all hyperscaler cloud services to drive scalability, reliability, and business transformations in all industry verticals. Hybrid cloud strategy continues to be the preferred approach for most enterprises, as it offers the right balance across the IT and business spectrum.
As of 1:18 pm, TCS shares were trading 2.9 per cent higher at Rs 3,304, outperforming the Sensex which was up 1.23 per cent.
