TCS shares jump 5.5% to Rs 1,979; m-cap Rs 392.82 bn after Q1 result

Shares of Tata Consultancy Services surged 5.5 per cent today, adding Rs 392.81 billion to its market valuation after the company posted better-than-expected quarterly earnings.

The stock jumped 5.47 per cent to close at Rs 1,979.60 on BSE. During the day, it climbed 6.28 per cent to Rs 1,995 -- its 52-week high.

At NSE, shares of the company advanced 5 per cent to close at Rs 1,970.

The stock was the biggest gainer among the blue chips on both the key indices.

Led by the sharp gain in the stock, the company's market valuation zoomed Rs 392.81 billion to Rs 757.04 billion.

In terms of equity volume, 11.57 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"TCS first quarter results were better-than-expected on all fronts against our/street estimates," Emkay Global Financial Services said in a report.

Country's largest software exporter TCS on Tuesday posted 23.4 per cent rise in consolidated net profit to Rs 73.40 billion for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 59.45 billion in the same period previous fiscal, TCS said in a regulatory filing.

The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow 15.8 per cent to Rs 342.61 billion during the reported quarter, up from Rs 295.84 billion a year ago.

Buying was also seen in other IT stocks, with HCL Tech rising 1.63 per cent, Infosys 1.37 per cent, Wipro 0.65 per cent and Tech Mahindra 0.65 per cent on BSE.