TCS Q3 Result: Share price jumps 4% as investors give thumbs up; buy, sell or hold?
Stock market today: After the announcement of the Tata Consultancy Services (TCS) Q3 results on Thursday evening (after market close), TCS share price witnessed an upside swing in the morning session on Friday. TCS share price today opened upside at ₹3,848 apiece level on NSE and went on to touch an intraday high of ₹3,8694 mark within a few minutes of the stock market's opening bell. While climbing to this intraday high, TCS shares logged an intraday gain of over 4 per cent.
According to stock market experts, TCS share price is ascending today as the Indian IT major reported better-than-expected Q3 results 2024 on Thursday. TCS has managed to log profit despite a seasonally weak quarter buffeted by macroeconomic headwinds. However, they maintained that TCS Q3 results 2024 is better-than-expected but it's not enough for the re-rating of the stock.
On how this TCS Q3 results would impact TCS share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “TCS has reported better-than-expected Q3 results. The company has reported profit while the market was expecting muted numbers. The company's margins and revenue have also improved as it has got forex benefits.
But, the single quarter results won't be enough for the re-rating of the stock. So, one needs to remain vigilant about the company's business in North America and the UK in upcoming quarters." Expecting further upside in the short term, Sumeet Bagadia, Executive Director at Choice Broking said, “TCS share price has made strong base at ₹3725 apiece levels. Those who have TCS stocks in their portfolio are advised to hold the scrip keeping the stop loss at ₹3725.
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