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TCS Stock Hammered After Q4 Results; Drags Other IT Stocks Lower

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Shares in TCS fell sharply by 4 per cent following a dismal set of Q4 results. The stock dragged the indices lower and also other IT stocks.

 

TCS Stock Hammered After Q4 Results; Drags Other IT Stocks Lower
Tata Consultancy Services: Quotes, News
BSE 3883.55BSE Quote0 (0.00%)
NSE 3876.3NSE Quote0 (0.00%)
TCS was last trading at Rs 2479 on the National Stock Exchange.

The company reported a dismal set of Q4 numbers with net profits coming in at Rs 5773 crores. The net profits would dip after adjusting for a bonus that the company declared later.

 

In dollar terms the revenue came in at $3900 million, which was way below analysts expectations.

The poor performance also had an impact on other IT stocks. Mindtree Fell 4 per cent, while Rolta was also down 4 per cent and Tech Mahindra dropped more than 3 per cent along with Infosys which fell one per cent.

Analysts say there could be fresh re-rating of the stock which could only drop lower in the coming quarters.

Foreign brokerage firm UBS has said that it is underweight on the IT sector.

GoodReturns.in

Read more about: tcs
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