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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

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><keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. </li><li>Its dollar revenues fell marginally by 0.2%, but net profits went up by 2.3% sequentially. </li><li>Its attrition for the quarter stood at 14.9%. </li></ul> Tech major TCS disappointed the street as it reported a 0.2% sequential fall in second quarter dollar revenues on Wednesday, which suggests demand uncertainty continues to plague IT companies. The company announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. Its dollar revenues fell marginally by 0.2% to $7,210 million from $7,226 million in the first quarter of FY24. Analysts expected the company to post anywhere between 0.5-1% growth in revenues in constant currency terms. Its net profit, however, went up 2.3% sequentially to ₹11,380 crore from ₹11,120 crore from the first quarter. The company’s orderbook stands at $11.2 billion with a book-to-bill ratio of 1.6. “Strong deal momentum delivered us a very large order book in Q2 – our second highest TCV ever in a quarter, and a good pipeline. The resilience of demand for our services, our clients’ willingness to commit to long tenure programs and their continued appetite for experimentation with Gen AI and other new technologies give us confidence in our longer-term growth prospects,” said K Krithivasan, CEO and MD of TCS. The company also reported an operating margin at 24.3% for the quarter – which expanded 0.3% YoY. “Our focus on improving employee utilization, while driving productivity improvement and cost efficiency across the organisation, has helped us expand our operating margin to 24.3%,” said Samir Seksaria, CFO of TCS. The company announced a ₹17,000 crore buyback at a share price of ₹4,150 per share. The stock closed at ₹3,610 on Wednesday. It also announced an interim dividend of ₹9 per share. Commenting on this, Prashanth Tapse of Mehta Equities Ltd. said, "TCS board approved buyback of ₹17,000 crore at a price of ₹4,150 per equity share against street expectations of ₹4,300 to ₹4,500 per share. The buyback price is at a premium of about 15%. The company will be buying back up to 4.09 crore shares which will be 1.12% of the total equity share capital." <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,380 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,120 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7,210 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7,226 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.2% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The company’s BFSI sector constant currency revenue de-grew by 0.5%, while life science and healthcare grew by 5% and consumer business by 1%. The attrition for the quarter stood at 14.9%. “The key comments to be watched out would be strategic changes under the new CEO; deal win total contract value (TCV) and nature of deals; outlook by vertical through FY24; potential margin levers through FY24; capital allocation and clarity on buyback in FY24,” said a report by IIFL Securities.

TCS revenue falls QoQ for the first time in 4 years; announces ₹17,000 crore buyback

<ul><li><keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> reported a revenue drop in Q2, while <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="28126" type="General" weightage="80" keywordseo="hcl" source="Orion">HCL</keyword> cut FY24 revenue guidance.</li><li>Brokerages made only minor tweaks to their estimates and most of them maintained their ratings.</li><li>Large deal wins, improving margins and better utilization rates is giving brokerages confidence in the sector. </li></ul>The Indian IT sector has kicked off the <keyword id="56260" type="General" weightage="20" keywordseo="q2-earnings" source="Orion">Q2 earnings</keyword> season on a somber note. The Big 3 tech companies – TCS, Infosys and <keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword> painted a gloomy picture of the outlook ahead. With project rampdowns, revenue leakages and cautious clients — they have re-calibrated the revenue earnings for the entire year. TCS reported its first ever drop in constant currency revenues in four years. Infosys and HCL trimmed their revenue guidance for FY24, while TCS does not give guidance. Infosys now expects its constant currency revenues to grow anywhere between 1-2.5% and HCL expects the same to grow by 5-6% for FY24. Mega deal wins offer comfort: Brokerages As expected, the IT sector stocks have fallen in the last two days, yet brokerages have only done minor tweaks to their earnings estimates and maintained their buy or add ratings. Their mega deal wins, large order books; and confidence that they will hit the upper end of their guidance is providing them cushion, they say. Few have changed their ratings on the IT stocks. “From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands. It has also established robust capabilities that will enable it to gain market share moving ahead,” said <keyword id="6407277" type="General" weightage="50" keywordseo="axis-securities" source="Orion">Axis Securities</keyword>. The ₹17,000 crore buyback TCS announced at a share price that’s premium to current its price also offers mid-term levers ahead. Kotak Institutional Equities (KIE) also said that Infosys has won a fair share of large deals to provide some visibility for FY25 growth. It cut its FY24-26 revenue estimates by 1-2% while maintaining a buy rating. Even for HCL Tech, KIE marginally tweaked its FY24-26 revenue estimates by 0.3-0.8%. With regards to the bad news delivered in Q2, little of it has come as a surprise. The street has been pricing in possible recession in the US and slowdown in Europe for over a year now. The IT sector gained very little or nothing from the recent bull run seen in the broader markets. In the last month, all of Nifty’s IT index constituents lost value with the exception of LTTS. Coforge, Tech Mahindra and HCL Tech shed over 4% of their values. The Nifty IT Index itself shed around 3%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30 day change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.57 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.74 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TechM </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.31 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.37 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.64 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.11 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.37 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.50 </td></tr></tbody><tbody></tbody></table>Source: NSE Margins present a pretty picture In times of macro-economic headwinds, IT companies are working to improve their margins. Not only have their headcount additions waned, they are pushing for higher utilization levels, lowering subcontracting expenses and also cutting down their discretionary spends much like their clients. TCS’ earnings before interest and tax (EBIT) margins went up quarter-on-quarter by 110 basis points to 24.3%. “We believe continued supply side tailwinds should help TCS protect and expand margins despite lower growth/mega deal ramp ups in the second half,” said a report by IIFL. HCL Tech and Infosys maintained their operating margin guidance for the year, in spite of revenue cuts – indicating that they intend to keep up their productivity levels. HCL expects its FY24 margins at 18-19%, Infosys’ expects its annual margins to be anywhere between 20-22%. Brokerages also back their confidence. “The 40 basis point margin (EBIT) improvement during the quarter was encouraging and indicated Infosys’ ability to manage its workforce despite the lack of an operating leverage opportunity. We now expect FY24 EBIT to go up 30bp YoY,” said a report by Motilal Oswal. Also, all three reported reduction of attrition to around 14% recording a dramatic slip sequentially. That too offers a cushion ahead that their people costs will be under control, unlike last year. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

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

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

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

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TCS revenue falls QoQ for the first time in 4 years; announces ₹17,000 crore buyback

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Brokerages not rattled by big 3 IT players' tepid Q2 performance

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