TCS stock surges after better Q3 earnings

Stocks

oi-Sneha

By Sneha B K

Updated: Tuesday, January 15, 2013, 11:56 [IST]

Shares of the Tata Consultancy Services surged 3% on Tuesday after the company reported better than expected results.

Tata Consultancy Services shares were seen trading at Rs 1,357, higher by 1.72% at 10.10 am IST. It touched an intra-day high of Rs 1,400.

India's largest IT company, Tata Consultancy Services has reported net profits that beat market expectations with a Q3 FY 2013 figure at Rs 3550 crores, up 26.6 per cent year on year.

On Friday, India's second largest IT company Infosys surprised the markets with a spectacular set of numbers.

TCS said in a post result statement that growth in Q3 December 2012 was broad-based. Among mature markets, USA and UK led the growth story, the company said.

Commenting on the results, Chief Executive Officer and Managing Director, N Chandrasekaran said: We have had an excellent quarter of well rounded performance and have driven a higher quality of revenue and increased profitability through focus on productivity and innovation.

We had good revenue growth, balanced across service-lines, industries and geographies. Our agile, customer-centric organization is delivering an increasing number of larger and deeper client relationships. We believe that clients are going to invest in making their operations digital-ready in 2013 and drive business growth. TCS is well positioned to help our clients in this journey, he added further.

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