TCS Financial News

Tata Consultancy Services (TCS) reported a higher-than-estimated June quarter profit on Wednesday, shares of IT major rose over 1%, making it one of the best Sensex performers in Thursday's early trade. While foreign brokerage Nomura maintained a ‘Reduce’ rating on the stock, Motilal Oswal and Nuvama retained their ‘Buy’ stance on the counter. The technology major reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore.

BSE-S0003051" data-name="Tata Consultancy Services">Tata Consultancy Services (TCS) Ltd., experienced its weakest fiscal year start since becoming public in 2004. Prior to Q1FY24, Mint noted that TCS's worst growth at the beginning of the fiscal year occurred in the first quarter of 2008, when the global financial crisis caused bank instability and ultimately harmed IT services companies like TCS, which increased its sequential revenue by 0.5%. On Thursday's trading session, TCS share price opened at ₹3,276 apiece on BSE.  On Wednesday, IT major announced a consolidated net profit (attributable to the company's shareholders) of ₹11,074 crore for the first quarter of the current fiscal year that ended in June (Q1FY24), representing an increase of 16.84% on a year-over-year basis.In the same period last year, the company generated a profit of ₹9, 478 crore.

The BSE Sensex was trading 532 points or 0.81% higher at 65,925, while the Nifty50 was trading at 19,534, up 150 points or 0.78% at around 9.52 am. The US inflation rate for June came in lower than expected at 3%, the smallest year-over-year increase in two years.

Mint reported, before Q1FY24, TCS’s slowest growth at the start of the fiscal year was in the first quarter of 2008, when the global financial crisis sent banks into turmoil, eventually hurting IT services firms like TCS, which expanded its sequential revenue by 0.5 per cent. HCL Tech's earnings failed to meet the expectations of the company as well as of the Street. Commenting on the results, chief executive C.

Tata Consultancy Services: Tata Consultancy Services (TCS) Ltd on Wednesday reported a 16.84% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹11,074 crore. The company had reported a profit of ₹9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%.

" I think defence has been an excellent area and has given investors great return over the last one-one and a half years. But looking at the valuations at which some of these stocks are currently trading, I would definitely advice caution and tell investors not to get in at these levels," says Sudip Bandyopadhyay, Inditrade CapitalWhat is your take regarding the entire defence pack? Is there any name that still looks attractive despite the run up? I think defence has been an excellent area and has given investors great return over the last one-one and a half years.

IT stocks will be in focus as markets will react to TCS and HCL Tech earnings released late yesterday. Another IT major Wipro is slated to declare its results later in the day. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a muted startGIFT Nifty on the NSE IX traded 10.5 points, or 0.05 per cent, lower at 19,554.50, signaling that Dalal Street was headed for muted start on Thursday.

Tata Consultancy Services (TCS) advanced 17% on-year, beating D-Street estimates, but India's software bellwether warned it lacks immediate visibility on a rebound in demand that remains «soft and uncertain,» with clients across geographies and business verticals deploying elaborate priority filters to assess the necessity of spending money now on discretionary and non-critical projects. The most-valued Tata group company on Wednesday said net profit climbed to ₹11,074 crore, from ₹9,478 crore a year ago, paced by better cost realisation.

MUMBAI : BSE-S0003051" data-name="Tata Consultancy Services">Tata Consultancy Services (TCS) Ltd kick-started the earnings season for the technology services industry on Wednesday on a sombre note, with its quarterly dollar revenue inching up 0.43% sequentially, the slowest start to a fiscal year since it went public in 2004. A dull start in the April-June period, which along with the second quarter has historically been the strongest for technology outsourcing firms, made the TCS management concede that double-digit revenue growth in the current fiscal will be a “tall order".

Muhammed Majeed, Chairman, Sami-Sabinsa Group, a company in the manufacture and export of nutraceuticals, said that the proposed amendments must serve the primary goal of the law, which would boost the industry and motivate it to collaborate with the farming community for sustainable management of bioresources in India. The Indian nutraceutical industry generates exports worth $1.5 billion annually. For the sector to realise its potential, the industry requests that the act recognize its value-added products as oleoresins, extracts, and isolated phytochemicals and include them in Section 2(p) of the act pertaining to value-added products, Majeed said in a press statement. He said that although, after much consideration, the definition of the non-Indian entity in Section 3(2) of the Bill has been amended, it was still not in harmony with Section 2(42) of the Companies Act 2013. There is the inclusion of the term «foreigner» in the amendment, which has caused uncertainty for the industry. In the interpretation of the law, there is a significant difference between the terms «foreign controlled company», «foreign company,» and «foreigner,» and hence the Act needs to be harmonised with the Companies Act. Majeed stated that, due to the requirement that importers of bioresources must approach the National Biodiversity Authority for clearance of each consignment, the industry is currently paralysed by production delays. But as per the UN Rio Declaration of 1992, each nation has sovereign rights over its own bioresources, and another nation cannot control them. Hence, the imported raw materials must be brought out of the purview of the act, he said.

₹11,074 crore in Q1FY24 which was up 16.8 per cent YoY while the company's revenue for the quarter stood at ₹59,381 crore, rising 12.6 per cent YoY. The company's revenue growth in constant currency terms rose 7 per cent YoY. The operating margin during the quarter under review expanded modestly by 0.10 per cent YoY to 23.2 per cent.

Tata Consultancy Services (TCS), the largest software services exporter in India, announced its April-June quarter results today, reporting a decline in its attrition rate to 17.8 per cent for the last 12 months. The IT major's total workforce stood at 6,15,318 as on June 30, 2023, with a net addition of 523 during the quarter, according to a regulatory filing by TCS to the stock exchanges. ‘’Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year,'' said Milind Lakkad, Chief HR Officer, TCS.

Tata Consultancy Services (TCS) on Wednesday announced its interim dividend of ₹ 9 per equity share which is 900 per cent above the face value for fiscal FY23. Last month, the IT giant had fixed July 20 as the record date to determine eligible shareholders for the fourth interim dividend. The fourth interim dividend will be paid on 07 August, 2023, to the equity shareholders of the company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on 20 July, 2023, which is the record date fixed for the purpose.

Tata Consultancy Services (TCS) Ltd on Wednesday reported an 16.84% year-on-year rise in its consolidated net profit (attributable to shareholders of the company) for the fiscal's first quarter ended June (Q1FY24) to ₹11,074 crore. The company had reported a profit of ₹9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%.

Tata Consultancy Services (TCS) reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore. Consolidated revenue increased nearly 13% YoY to Rs 59,381 crore. While the net profit was above the ET Now poll of Rs 10,890 crore, the revenue was tad lower than the estimated Rs 59,500 crore.

Infosys has reportedly deferred a pay hike, India's largest software services exporter Tata Consultancy Services (TCS) has gone ahead with a salary hike to take 200-bps hit on its operating margin. «We have gone ahead and rolled out our annual salary increase with effect from April 1st.

Tata Consultancy Services has announced an interim dividend of Rs 9 per equity share for the current fiscal year. «We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of Rs 9 per equity share of Rs 1 each of the company,» TCS said in a filing. The company has fixed July 20 as the record date for the same.

Nifty closed lower on Wednesday (July 12), snapping their two-day winning run, as investors turned cautious ahead of the domestic and US inflation numbers which will potentially influence the next monetary policy moves by the US Fed and the Reserve Bank of India. Investors also awaited the June quarter numbers of IT majors TCS and HCL Tech, expected later today.

Nuvama Alternative & Quantitative Research. Since HDFC will cease to be part of both Nifty50 and Sensex from July 13, Nifty50 will see the inclusion of LTIMindtree and Nifty Next 50 will see the entry of Jindal Steel after the exit of LTIMindtree from it. Sensex will see the addition of JSW Steel into it.

labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint with the Ministry of Labour and Employment on behalf of IT employees facing delayed onboarding issues. NITES has alleged that over 200 Tata Consultancy Services (TCS) lateral candidates, who have received offer letters, have been informed that their joining date has been postponed by a period of three months. ET has reviewed a copy of the complaint.

Dipan Mehta, Director, Elixir Equities, says “it will be sentimentally negative for Nazara and to an extent, the kind of opportunities which they could have pursued has certainly narrowed down for them. But they won’t be impacted too much by the 28% tax on gaming. Delta however, may be hit really hard.