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Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<keyword id="20270096" type="General" weightage="20" keywordseo="equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> rallied in early trade on Friday amid buying in <keyword id="19963566" type="General" weightage="20" keywordseo="IT-stocks" source="keywords">IT stocks</keyword> after <keyword id="6357150" type="General" weightage="20" keywordseo="TCS" source="Orion">TCS</keyword> announced its June quarter earnings. The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. Among the Sensex pack, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> climbed over 2 per cent after the country's largest IT services player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. Infosys, Axis Bank, Mahindra &amp; Mahindra, Bajaj Finance, Tech Mahindra and HCL Technologies were the other major gainers. Maruti, Asian Paints, Bharti Airtel and ITC were among the laggards. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In Asian markets, Hong Kong quoted higher while Seoul, Tokyo and Shanghai traded lower. US markets ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.25 per cent to USD 85.59 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,137.01 crore on Thursday, according to exchange data. Retreating from early highs, the BSE benchmark closed lower by 27.43 points or 0.03 per cent at 79,897.34 on Thursday. The NSE Nifty edged down 8.50 points or 0.03 per cent to settle at 24,315.95.

Markets climb in early deals on buying in IT stocks after TCS earnings

The combined <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> of seven of the top-10 most valued firms jumped Rs 1,72,225.62 crore last week, with IT bellwether <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (<keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword>) stealing the show, amid a rally in equities. Last week, the BSE benchmark jumped 522.74 points, or 0.65 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The market capitalisation (mcap) of TCS surged Rs 62,393.92 crore to Rs 15,14,133.45 crore. Shares of TCS on Friday surged nearly 7 per cent after the country's largest IT services player reported an 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. <keyword id="19896958" type="General" weightage="20" keywordseo="ITC" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC" meta.hostid="153" meta.entityid="ITC">ITC</keyword> added Rs 31,858.83 crore taking its valuation to Rs 5,73,258.78 crore. The mcap of <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="153" meta.entityid="Infosys">Infosys</keyword> zoomed Rs 26,905.14 crore to Rs 7,10,827.27 crore and that of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="153" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (LIC) jumped Rs 22,422.12 crore to Rs 6,64,947.01 crore. <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindustan Unilever" meta.hostid="153" meta.entityid="Hindustan Unilever">Hindustan Unilever</keyword>'s market valuation rallied Rs 17,668.92 crore to Rs 6,16,156.81 crore and that of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> soared Rs 9,066.19 crore to Rs 21,60,628.75 crore. The mcap of Bharti Airtel climbed Rs 1,910.5 crore to Rs 8,15,705.36 crore. However, the valuation of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> got eroded by Rs 18,069.29 crore to Rs 12,35,825.35 crore. The mcap of State Bank of India diminished Rs 356.99 crore to Rs 7,67,204.26 crore and that of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> declined Rs 210.5 crore to Rs 8,67,668.16 crore. Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

Market valuation of 7 of top-10 most valued firms jump Rs 1.72 lakh cr; TCS steals show

Both indices, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened the day in greens. While Nifty was trading at 24,423.30 points, up by 107 points, up by 0.44%. Sensex was trading at 80,164.68 points, up by 267 points, as of 9:30 am. <keyword id="20740180" type="General" weightage="20" keywordseo="LTI-Mindtree" source="keywords" meta.keywordsubtype="org" meta.entityname="LTI Mindtree" meta.hostid="261" meta.entityid="LTI Mindtree">LTI Mindtree</keyword> took a significant lead of over 2% in early morning trade. <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword>, Tata Steel, BPCL and <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> were top gainers in early morning trade. On the other hand, Power Grid, HDFC Life, Apollo Hospitals, Dr. Reddy and HDFC bank were lagging. <keyword id="19950207" type="General" weightage="20" keywordseo="HCL-Tech" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Tech" meta.hostid="261" meta.entityid="HCL Tech">HCL Tech</keyword> is scheduled to release its Q1FY25 results later during the day. All broad market indices opened the day in green, except for India VIX which was down by 0.48%. Nifty bank, auto, financial services, FMCG, pharma, PSU banks, private bank, healthcare and realty opened the day in red. In early trade, Nifty IT and media took a significant lead of over 1%. Mr. Aditya Gaggar Director of Progressive Shares notes that their view on the index remains the same, i.e. as long as the Index holds a level of 24,200 uptrend will remain intact and on the higher side, 24,460 will be a critical hurdle. "From the energy sector, gas stocks picked up their momentum (Petronet). Sugar stocks from the FMCG sector are gradually strengthening their uptrend (Balrampur Chini and Dalmia Sugar). The direction of the IT sector depends upon how the market participant decodes the Q1FY25 earnings of giant <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS">TCS</keyword>". "From the media segment, we are bullish on <keyword id="22381558" type="General" weightage="20" keywordseo="SunTV" source="keywords">SunTV</keyword>. Considering a strong rally in the Pharma space, we can expect a round of profit booking in the short run but the overall uptrend will remain intact. PSE stocks regained their lost spot as many of them have given a strong breakout from different patterns and we have identified some of them namely Engineers India , GMDC, MRPL, and SJVN", he said. IT giant TCS declared their Q1FY25 results. As Siddhesh Mehta, Research Analyst, SAMCO Securities highlighted, the company beat D-street estimates in terms of results. "The company reported a constant currency revenue growth of 4.4% in Q1FY25, up from 2.2% in Q4FY24. Despite the overall macroeconomic environment continuing to indicate uncertainty, with profits declining by 3.18% QoQ, all major markets displayed sequential growth. While revenue growth for India's largest IT services companies in Q1FY25 remains strong, profit and margin pressures persist", he continued. TCS opened the day in green, trading at Rs 4,018.8, up by 2.42%.

Stock market 12 July: Sensex inches up over 80k, LTI Mindtree, Tata Steel, BPCL take early lead

Mumbai (Maharashtra) [India], July 11 (ANI): The earnings result season for Q1 (April-June) 2024 has commenced with major companies set to report their performance on Thursday in the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword>, marking a significant period for investors and analysts. According to the <keyword id="19911480" type="General" weightage="20" keywordseo="bombay-stock-exchange" source="keywords">Bombay Stock Exchange</keyword> (BSE), major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> in the country will report their <keyword id="20164830" type="General" weightage="20" keywordseo="financial-results" source="keywords">financial results</keyword> for the first quarter of 2024 this week. Among the notable names, Tata Consultancy Services (<keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords">TCS</keyword>) is set to announce its first-quarter performance results on Thursday. In its previous earnings announcement, TCS reported a 9 per cent rise in net profit for the fourth quarter of FY24, achieving Rs 12,434 crore compared to Rs 11,392 crore in Q4 of FY23. This substantial growth has heightened expectations for the company's first-quarter performance. Thursday also marks the earnings announcement for Anand Rathi, a financial services firm. The firm's results will be closely monitored by market participants, given its significant influence in the financial sector. The company's performance will provide valuable insights into the broader financial services landscape and help gauge the health of the sector in the current economic environment. Following TCS, other IT giants are scheduled to announce their results in the coming days. HCL Technologies will release its earnings on Friday, July 12th. LtiMindtree is slated to announce its <keyword id="21174432" type="General" weightage="20" keywordseo="Q1-2024" source="keywords">Q1 2024</keyword> results on July 17th. Infosys will reveal its numbers on July 18th, while Wipro is set to report its first-quarter performance on July 19th. Additionally, Tech Mahindra is expected to announce its Q1 results on July 26th. These announcements are highly anticipated as they will provide a comprehensive overview of the financial health and operational performance of these leading companies. The <keyword id="20034955" type="General" weightage="100" keywordseo="earnings-season" source="keywords">earnings season</keyword> is a crucial period for the stock market, offering insights into the performance and future prospects of listed companies. The results announced by these companies will not only influence their stock prices but also set the tone for the market's direction in the near term. Investors and analysts will closely analyze various metrics, including revenue growth, profit margins, and future guidance, to make informed decisions. As the earnings reports start rolling in, market sentiment will be shaped by the performance of the key players.

As earnings season begins, major companies' performance reports to decide market movement in coming days

<ul><li>In the fourth quarter of FY23, Indian IT firms experienced a 1% Q-o-Q decline in US dollar revenues, marking the first revenue decline in 11 quarters. </li><li>On an aggregate basis, the consensus revenue estimates for the top clients of IT firms for 2023 and 2024 have remained relatively stable. </li><li>Despite stable revenue estimates, there are ongoing profitability challenges for clients in 2023 and 2024.</li></ul>The decline in revenue in the IT sector during the fourth quarter was primarily attributed to a decrease in revenues from the top-10 clients. Although the overall revenue outlook of these top clients year-to-date (YTD) remains unchanged, there has been a deterioration in profit outlook, indicating that client profitability plays a significant role in IT spending decisions, as per a report by investment banking firm <keyword id="151304" type="General" weightage="80" keywordseo="jefferies" source="Orion">Jefferies</keyword>. Among different industry verticals, the communication, technology, and <keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword> (banking, financial services, and insurance) sectors appear to be the most adversely affected. TechM and <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> have the weakest demand outlook, while Coforge, Wipro, and LTIM are considered to be at higher risk of experiencing negative surprises. <cmsannotation type="cmsannotation" annotationid="Decline in revenues from top 10 clients concerning" comment="subhead" text="Decline in revenues from top 10 clients concerning">Decline in revenues from top 10 clients concerning</cmsannotation> During the fourth quarter of FY23, Indian IT firms experienced a 1% Q-o-Q decline in US dollar revenues — marking the first revenue decline in 11 quarters. This decline was primarily driven by a 3% Q-o-Q decrease in US dollar revenues from their top-10 clients. Revenues from clients outside the top 10 remained flat Q-o-Q. Among the companies covered in Jefferies analysis, Coforge was the only firm to report revenue growth from its top-10 clients. This decline in revenues from top-10 clients represents the third-largest sequential fall in a decade. Considering that 20-36% of IT firms' revenues come from these clients, it is important to closely examine their outlook. <cmsannotation type="cmsannotation" annotationid="Aggregate revenue estimates for top clients remain unchanged" comment="subhead" text="Aggregate revenue estimates for top clients remain unchanged">Aggregate revenue estimates for top clients remain unchanged</cmsannotation> On an aggregate basis, the consensus revenue estimates for the top clients of IT firms for the calendar years 2023 and 2024 have remained relatively stable. However, there have been downward revisions of 1-5% in revenue estimates for the top clients of TechM and Wipro, while upward revisions of 2-4% have been observed for the top clients of Infosys and Coforge. Among different industry verticals, clients in the technology and communications sectors have experienced more significant revenue cuts in their estimates. On the other hand, clients in the energy and utilities, travel, transportation, and hospitality (TTH), and life sciences sectors have witnessed upward revisions in their revenue estimates. <cmsannotation type="cmsannotation" annotationid="Profitability pressures persist" comment="subhead" text="Profitability pressures persist">Profitability pressures persist</cmsannotation> Despite stable revenue estimates, there are ongoing profitability challenges for clients in 2023 and 2024. The aggregate profit after tax (PAT) margins for the top clients of IT firms have seen downward revisions of 25-40 basis points for 2023 and 2024. Except for <keyword id="141968" type="General" weightage="50" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>, all firms have experienced cuts in their 2023 PAT margin estimates for their clients, with Infosys, TechM, Wipro, and <keyword id="6357150" type="General" weightage="50" keywordseo="tcs" source="Orion">TCS</keyword> facing the most significant reductions. The energy and utilities, BFSI, life sciences, and communication sectors have particularly encountered considerable margin pressures. <cmsannotation type="cmsannotation" annotationid="Profitability key to IT spending" comment="subhead" text="Profitability key to IT spending">Profitability key to IT spending</cmsannotation> The decline in revenue from top clients in the fourth quarter of 2023, despite unchanged aggregate revenue expectations, highlights the significant role of profitability outlook in determining clients' IT spending in the near future. Among different industry verticals, only the travel &amp; hospitality sector has seen improvements in revenue and profit estimates for 2023. On the other hand, while revenue estimates for top clients in the life sciences, energy and utilities, and retail sectors have been upgraded, their profit estimates have been reduced, which could have an impact on their IT spending outlook. The technology, communications, and BFSI verticals face challenges as top clients in these sectors have experienced cuts in both revenue and profit. <cmsannotation type="cmsannotation" annotationid="Outlook weak for Inosys, TechM, Wipro" comment="subhead" text="Outlook weak for Inosys, TechM, Wipro">Outlook weak for <keyword id="1893295" type="General" weightage="50" keywordseo="inosys" source="Orion">Inosys</keyword>, TechM, Wipro</cmsannotation> The steep reductions in revenue and margin estimates for clients of Infosys, TechM, and Wipro indicate potential pressure on the near-term demand outlook for these companies. With top clients in the communication, tech, and BFSI verticals positioned weakly, Coforge, TechM, Wipro, LTIM, and TCS are more exposed. Taking these factors into account, TechM and Wipro appear to have the weakest growth outlook. However, when comparing the changes in revenue growth expectations between IT firms and their top clients in FY 2024/CY2023 versus FY2023/CY2022, Coforge, Wipro, and LTIM are at a higher risk of negative surprises in FY24 growth.

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TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

PTI

Markets climb in early deals on buying in IT stocks after TCS earnings

PTI

Market valuation of 7 of top-10 most valued firms jump Rs 1.72 lakh cr; TCS steals show

PTI

Stock market 12 July: Sensex inches up over 80k, LTI Mindtree, Tata Steel, BPCL take early lead

Ira Alok Puranik

As earnings season begins, major companies' performance reports to decide market movement in coming days

ANI

Worsening client profitability to impact IT demand says Jefferies

Anagh Pal

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