IT major Tata Consultancy Services (TCS) saw the markets rewarding it for posting an 11.95 per cent jump in quarterly net profit of Rs 12,380 crore. Both NSE and BSE saw the TCS stock soar by almost 5 per cent in Friday morning trade on the positive sentiment following the financial results for the three months ended December 2024.
The impressive rally pushed the company’s mcap above Rs 15.3 lakh crore, making it the biggest gainer in the market for the day so far.
The demand for TCS also overflowed onto the sector, with Infosys, HCL Tech, Tech Mahindra, and Wipro trading higher in morning trade.
TCS, part of the Tata group, posted a quarterly revenue of Rs 63,973 crore, up 5.6 per cent from the same period a year ago, spurred by new order bookings jumping to USD 10.2 billion from last year quarter’s USD 7.9 billion.
TCS chief executive K Krithivasan said that the company expects higher discretionary spending in 2025 than that in 2024.
Friday morning saw benchmark market indices Sensex and Nifty climb, with the former gaining at least 270 points and the latter adding more than 69 points.
Despite the positive market, the Indian currency continues to trade at a low of 85.87 against the US dollar on the continued outflow of foreign funds.
On Thursday, FIIs offloaded equities worth Rs 7,170.87 crore, according to the data released by the exchanges.
The United Nations also announced that the world economy is projected to grow at a dismal 2.8 per cent in 2025. However, it expects healthier growth for both India and Indonesia, according to the UN economists in the World Economic Situation and Prospects 2025 report.
The UN study pegged India’s growth at 6.6 per cent for 2025 on climbing private consumption and a rise in investment.