TCS gains for 3rd day on Q3 earnings, outlook

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.
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Jan 15, 2013, 12.08 PM | Source: Moneycontrol.com

TCS gains for 3rd day on Q3 earnings, outlook

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.

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TCS gains for 3rd day on Q3 earnings, outlook

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.

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TCS gains for 3rd day on Q3 earnings, outlook
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 also beat estimates with its earnings results on Friday, while slightly raising its revenue guidance.

Trading volumes too increased 42 percent to 2,94,026 equity shares as against five day average of 2,06,910 shares.

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(With inputs from Reuters)

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