Shares of information technology rally by 1-2 percent each ahead of TCS results.

Following a robust market opening, IT equities are in the spotlight ahead of the TCS Q2 results, which will be released after market hours. Indian IT services behemoth Wipro will be the first to report earnings for the second quarter on Friday, the firm said. In a robust market, Infosys, TCS, Tech Mahindra, and HCL Tech are four of the top six Sensex gainers for the day, each earning gains of 1-2 per cent for the day.

According to analysts, the markets will pay special attention to the company’s sales during the quarter, as well as the acquisition pipeline and management’s comments about the company and the business environment, among other things. TCS, in contrast to most IT organisations, does not issue a formal sales growth guidance for the year.

With higher demand for cloud computing services and robust growth in its banking and finance business, TCS reported net profit of Rs 9,008 crore in the June quarter, an increase of 28.5 percent from Rs 7.008 crore in the same quarter a year earlier, driven by higher demand for cloud computing services and robust growth in its banking and finance business.

In the June quarter, the company’s revenue from operations jumped by 18.5 percent to Rs 45,411 crore, while overall income increased by 18.5 percent to Rs 46,132 crore.

TCS shares were trading 1.5 percent higher at Rs 3952.75 on the BSE at 1:05 p.m., compared to a 0.5 percent advance in the benchmark indexes at the same time.

TCS’s net profit in the second quarter increased by 29 percent to $9,624 crore.

Tata Consultancy Services (TCS) crossed the $200 billion market capitalisation threshold on Wednesday, as its shares climbed to lifetime highs in intraday trade. The stock reached an all-time high of 3,980 before closing 1.79 percent higher at 3.954.80. The company’s market capitalization (m-cap) was approximately 14.63 lakh crore ($199.1 billion).

Prior to this, Reliance Industries (RIL) was India’s only publicly traded corporation with a market capitalization of more than $200 billion. RIL’s recent market capitalization was 15.08 lakh crore ($205.2 billion).

Because of the increase in digital activity, the IT industry has performed well overall during the Covid-19 epidemic. Infosys stock climbed 1.49 percent today to close at 1,711. The company’s market capitalization increased to 7.26 lakh crore ($98.8 billion).

TCS has been awarded a leader in the IDC MarketScape for Worldwide Life Science R&D Strategic Consulting Services, according to a corporate announcement to the exchanges.

The IDC MarketScape vendor assessment model seeks to provide an overview of a market’s ICT (information and communications technology) suppliers’ competitive health.


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