TCS inches up on bargain hunting

TCS was up 0.50% to Rs 2,907 at 10:53 IST on BSE on bargain hunting after a steep decline in the previous trading session.

Meanwhile, the S&P BSE Sensex was down 127.76 points, or 0.38% to 33,729.02.

On the BSE, 64,000 shares were traded in the counter so far compared with average daily volumes of 3.11 lakh shares in the past two weeks. The stock had hit a high of Rs 2,925 and a low of Rs 2,890.85 so far during the day. The stock hit a record high of Rs 3,254.80 on 24 January 2018. The stock hit a 52-week low of Rs 2,255 on 19 April 2017.

Shares of TCS slumped 5.22% to settle at Rs 2,892.45 yesterday, 13 March 2018.

Tata Sons sold 3.12 crore shares, or 1.63% equity, of TCS in two separate bulk deals on NSE yesterday, 13 March 2018. Tata Sons offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, Tata Sons held 73.52% stake in TCS.

Media reports suggested that the money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet.

TCS' consolidated net profit rose 1.31% to Rs 6545 crore on 1.18% growth in net sales to Rs 30904 crore in Q3 December 2017 over Q2 September 2017.

TCS is an IT services, consulting and business solutions provider.

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