TCS hits new high as Q1 profit beats Street estimate; stock ends 5% higher

TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters.

Shares of Tata Consultancy Services (TCS) surged 6% in intra-day deals to Rs 1,990 per share, also their new high on the BSE in noon trade after the country’s biggest software services exporter posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI). The stock, however, ended a tad lower at Rs 1,970 levels - up 5.06% over its revious close.

TCS has recorded a consolidated net profit of Rs 73.40 billion in April-June