TCS shares dip 2% post-Q2 earnings announcement

Posted on by

Shares of Tata Consultancy Services (TCS) fell 2 per cent on Friday after its September quarter earnings failed to cheer investors.

The scrip of the Mumbai-based company slipped 1.93 per cent to close at ₹4,146 apiece on the NSE.

On the BSE, stock of TCS went down by 1.84 per cent to end at ₹4,150.60 per piece.

In terms of volume, 57.59 lakh equity shares were traded on the National Stock Exchange (NSE) and 2.86 lakh shares exchanged hands on the BSE during the day.

It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

The 30-share BSE Sensex fell 230.05 points or 0.28 per cent to close at 81,381.36 and the NSE Nifty slipped 34.20 points or 0.14 per cent to 24,964.25.

TCS, the country’s largest IT services firm, on Thursday reported a 4.99 per cent increase in September quarter net profit at ₹11,909 crore, held back by a narrowing of profit margin.

The Tata Group company had reported a net profit of ₹11,342 crore in the year-ago period, while in the preceding June quarter, it had a post-tax net profit of ₹12,040 crore.

Tata Consultancy Services’ revenues rose 7.06 per cent to ₹64,988 crore from ₹60,698 crore in the year-ago period and were marginally higher compared to ₹63,575 crore in the June quarter.

Meanwhile, the company’s board declared a second interim dividend of ₹10 per equity share of Re 1 each.