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Jan 15, 2013, 12.08 PM IST
Shares of Tata Consultancy Services (TCS) opened up around 4 5 percent on Tuesday, a day after topping market expectations with a third quarter net profit of Rs 3,551 crore, up 1 percent (up 23 percent from a year ago), helped by new deal wins.
The India's largest software services exporter's revenue rose 3 percent sequentially (22 percent year-on-year) to Rs 16,070 crore while dollar revenues increased 3 percent QoQ to USD 2,948 million.
TCS met or beat analysts expectations on most parameters in the third quarter, which is typically a seasonally weak quarter, and its CEO, N Chandrasekaran feels the clients will continue to invest on tech in 2013.
He once again reiterated that the company hopes to grow ahead of the NASSCOM guidance of 11-14 percent growth in the current financial year.
The brokerage firms upgraded the stock post results. The foreign research firm HSBC has upgraded the stock to an overweight rating with a raised target price of Rs 1,520.
"The results were in-line with expectations with margins surprising positively. the management appears confident of demand acceleration and no delay in decision making through 2013," HSBC said in its report.
At 10:02 hours IST, the stock rose 2.35 percent to Rs 1,365.65 on Bombay Stock Exchange, after hitting a Rs 1,400 level for the first time since September 2012.
Shares had already gained 6 percent in the previous two sessions after Infosys
Trading volumes too increased 42 percent to 2,94,026 equity shares as against five day average of 2,06,910 shares.
(With inputs from Reuters)
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