Updated Jan 11, 2021 | 13:08 IST
TCS share price jumped 3.5 per cent to hit a fresh 52-week high of Rs 3,230 apiece on BSE today after the company reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore TCS hits Rs 12 lakh crore m-cap, becomes 2nd Indian company to reach the milestone | Photo Credit: BCCL
New Delhi: Tata Consultancy Services Ltd (TCS) on Monday became the second Indian company to hit Rs 12 lakh crore in market capitalisation on the back of information technology (IT) services major s strongest December quarter growth in nine years.
Reliance Industries (RIL) is the first Indian company to achieve this feat. In July 2020, RIL s market capitalisation crossed the Rs 12 lakh crore figure when shares of the oil-retail-telecom conglomerate crossed Rs 1,900 mark on the BSE. At present RIL s market capitalisation is Rs 12.29 lakh crore (including partly paid shares).
IT major Tata Consultancy Services on Friday posted a 7.18 per cent year-on-year (YoY) rise in its December quarter (Q3FY21) profit at Rs 8,701 crore. The firm had posted a profit of Rs 8,118 crore in the same quarter last year (Q3FY20). On quarter-on-quarter (QoQ) basis, the profit grew 16.4 per cent from Rs 7,475 crore posted for the quarter ended September 2020 (Q2FY21). The number beat Street estimate which was factoring-in a 3-8 per cent year-on-year (YoY) growth in Q3 net profit. ICICI Direct, for instance, had projected a 5.7 per cent YoY jump in PAT. The September quarter net profit had a post-tax one-time impact of Rs 958 crore due to provision for ongoing litigation with EPIC, the company said in a press release.
Updated Jan 08, 2021 | 08:48 IST
Indian IT companies are poised to turn in the best Q3 in a decade; TCS likely to report industry-leading growth along with robust TCV of deals and positive commentary TCS Q3 preview: Robust TCV of deal wins expected; management to continue with positive commentary.
Mumbai: TCS stock hit fresh record highs in trade this week, this is just ahead of results to be declared on Friday (Jan 8), in fact the stock price has surpassed the recent buyback price of Rs 3,000 per share. Post the recent run-up and buyback TCS stock trades at premium valuations (highest amongst peers) of about 30x FY22 price to earnings multiple (PE).