TCS shares surge by 15 percent; post results

Bangalore: Tata Consultancy Services' (TCS) stock was on a roll in the Indian equity market, following the IT bellwether's quarterly results that beat the market expectations. On Monday, the stock touched the 52-week high of 514.20 after rising from its opening at 449.70. At the end of trade, TCS was at 500.10 up by 15.34 percent from its previous close of 433.60. A total of 3,935,009 TCS shares were traded through the day and the current P/E ratio of the stock is 18.87. The 52 week stock price chart of TCS is on the left.

TCS on Friday announced a 19 percent growth in net profit for the three months to June, beating analysts' estimates. Net profits for the quarter at India's largest software services firm by sales rose to 1,534 crore, up from 1,290 crore in the same period last year. Its sales climbed 12 percent to 7,207 crore year-on-year. Offshore revenues of the firm increased from 47.7 percent from the last quarter of the year that ended on 31 March, to 50.4 percent for the quarter ended June, helping the company to trim costs.

Currently, 34 analysts follow the TCS stock with a consensus recommendation to hold the stock. While 13 analysts recommend to hold TCS, seven analysts feel that the stock may underperform. Reliance Vision Fund - Retail Plan holds the highest number of TCS shares in its portfolio with a total of 3,230,061 shares.