Tata Consultancy Services (TCS) share value jumped 3.5 per cent to hit a fresh 52-week higher of Rs 3,230 apiece on BSE today, following greater-than-anticipated October-December quarter benefits for the fiscal. The IT important reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore, as compared to Rs 7,504 crore in the July-September quarter. Nifty IT index also topped 26,800 points, increasing 2.5 per cent in the opening offers. Other IT stocks in the index also touched new 52-week highs with Infosys increasing to Rs 1,365.95, HCL Technologies to 1,029, Wipro to Rs 444.95, Mindtree to Rs 1,764.50 and Tech Mahindra to Rs 1,068.65 per share. AR Ramachandran, Co-founder & Trainer, Tips2Trade, told TheSpuzz Online that sturdy Q3FY21 benefits with guidance of double-digit development in FY22 has led TCS and other IT stocks generating new highs.
Ramachandran also stated that technically, all the frontline IT stocks are overbought and therefore any uptrend must be used to exit prior get positions. Analysts at Motilal Oswal Financial Services think that IT services have entered into a technologies upcycle, led by cloud and information-driven offers coming onto the market place. “Given TCS’ size, capabilities, and portfolio stretch, it is rightly positioned to leverage expected industry growth,” the report stated. Those at Kotak Institutional Equities stated that TCS’ method to cloud refreshing and holistic exactly where it is setting itself up for a multi-year chance rather than just focusing on setting up a digital foundation.
Wipro share value jumped 3.5 per cent as its Rs 9,500 crore buyback present will close today. Receiving an overwhelming response from investors, Wipro buyback present was subscribed 326 per cent till Friday. Moreover, the board of directors of Wipro is scheduled to meet on January 13, 2021, to take into consideration and approve the audited economic benefits of the business for the quarter ended December 31, 2020 (Q3FY21). The board will also take into consideration the declaration of interim dividend, if any, for the economic year 2020-21, it stated.
At 10 AM, TCS shares had been trading 1.5 per cent up at Rs 3,166.75 apiece on NSE, as compared to a rise of .91 per cent or 130.05 points in Nifty 50 index.