Shares of Tata Consultancy Services (TCS) gained more than 2 percent on Thursday after the company reported a 12.2% increase in net profit in the December quarter on handsome revenue growth, leading to it maintaining the same momentum going forward. .
The stock gained 2.25 percent on the BSE to Rs 3,944.40.
On the NSE, it jumped 1.63 percent to Rs 3,923.
The country’s largest software exporter, TCS, on Wednesday reported a 12.2 percent jump in December quarter net profit to Rs 9,769 crore on handsome revenue growth, leading to maintaining the same momentum going forward based on of a strong demand environment.
The company, the cash cow of the Tata Group with over $100 billion, witnessed a 16.3 percent increase in its revenue to Rs 48,885 crore for the reporting quarter.
The company, which is on cash and the equivalent of more than Rs 65,000 crore, also announced a tender offer of up to Rs 18,000 crore, committing to pay Rs 4,500 per share.
“Demand is strong and the opportunity for growth is very high. Our goal is to maintain the momentum and we will do everything we can,” TCS President and CEO Rajesh Gopinathan told reporters.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)