IT stocks jump up to 6% led by midcap counter-emphasis as TCS D-Street cheers Q1

The Indian IT pack got the limelight on Friday following Tata Consultancy Services’ (TCS) June quarter earnings that beat street estimates. The Nifty IT index touched a fresh 52-week high of 38,698.85, up 3.7% or 1,360 points from the previous close.

Infosys was the biggest contributor to the headline indices Nifty and S&P BSE Sensex followed by TCS.

All 10 stocks in the index were trading in the green around 11:20 am, with midcap counter MphasiS emerging as the top gainer in terms of intraday gains, up 6%.

TCS shares on NSE at Rs. 4,097.50 touched an intra-day high of Rs. 12,040 crore in net profit (profit attributable to shareholders of the company) climbed over 4% after a 9% year-on-year growth. The company’s revenue from street operations is Rs. 62,613 crore, which was Rs. 59,381 crore is 5.4% higher than Rs.

In its media interaction, the management said that FY25 will be better than FY24.

Wipro (4%) and Tech Mahindra (3%) also contributed Rs. 555.75 and Rs. A new 52-week high of 1,507 was reached. Others including Coforge (6%), L&T Technology Services (3%), LTIMindtree (4%), Infosys (3%) and Persistent Systems (4%) also benefited from the sentiments.

HCL Technologies, which is due to announce Q1 earnings later today, was trading up 3%. One of India’s largest IT companies, HCL is expected to report a 6% year-on-year rise in net profit for the quarter ended June 30, 2024, from Rs. 3,745 crores. Revenue for the quarter was Rs. 27,997 crore – a growth of 6.5% over the same quarter last fiscal, average estimates show.

Also Read: HCL Tech Q1 Results Preview: PAT up 6% YoY to Rs. 3,745 crores, revenue growth was seen at 6.5%

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)