Smart Q3 earnings lift TCS shares by 4%

Tata Consultancy Services (TCS) jumped by over 4 per cent in early trade on the Bombay Stock Exchange, a day after the software major reported nearly 30 per cent rise in the third quarter net profit.

Shares of TCS started the day on a robust note and surged by 4.09 per cent to touch an early high of Rs 1,184.80 on the Bombay Stock Exchange, becoming the best performer among the 30 Sensex stocks.

The scrip witnessed similar movement on the National Stock Exchange, rising by 4.09 per cent to trade at Rs 1,184 apiece in the morning session.

The country's largest software firm, yesterday, posted 29.93 per cent jump in its consolidated net profit at Rs 2,369.83 crore for the October-December quarter.

"The third quarter numbers of TCS were encouraging not only for the company itself, but for the entire IT sector. It was a pleasant relief after muted performance of the bellwether Infosys Technologies last week," Unicon Financial Services CEO Gajendra Nagpal said.

Significant surge in TCS also helped the Sensex gain over 150 points in early trade. The 30-share index was quoted at 19,041.44 points, up 159.19 points, at 0937 hours.