TCS had reported a 7.2 per cent growth in net profit at ₹ 8,701 crore and a 7.6 per cent year-over-year increase in revenue to ₹ 16,655 crore in the December quarter, on higher demand for cloud computing.
Domestic stock markets have opened higher in trade on Monday, continuing with the gains in the previous session, on the back of strength in TCS and rally in other information technology stocks. At 9:30 am, the BSE Sensex was trading at 49,038.65, higher by 278.45 points or 0.56 per cent and the NSE Nifty was at 14,417.50, up 73.55 points or 0.52 per cent.
TCS shares rallied more than 3.3 per cent to touch an intra-day high of ₹ 3,224 on the BSE after the IT major, post market hours on Friday, reported a 7.2 per cent growth in net profit at ₹ 8,701 crore in the third quarter on higher demand for cloud computing. The company said its revenue from the banking and finance industries jumped 7.6 per cent year-over-year to ₹ 16,655 crore in the December quarter. Infosys, Wipro and HCL Tech also gained around 3 per cent each on the BSE, on the back of the rally on the TCS counter.
Tata Motors, ITC and Coal India were the other significant gainers on the BSE, adding 1.8-2.8 per cent each, on the BSE. On the other hand, select metal stocks witnessed selling pressure post their recent gains. Tata Steel, Hindalco and JSW Steel had shed up to 12.8 per cent each on the BSE. Index heavyweight Reliance Industries was also trading lower by 0.6 per cent on the BSE.