Shares of Tata Consultancy Services opened in Tuesday's trade at Rs. 3214 after its earnings announcement on the previous day. But soon slipped 3.8% to day's low of Rs. 3120.05.
In the previous session, amid bloodbath in the market with Sensex crashing 1700 points, TCS ended lower by over 2 percent. In the pre-opening session, the scrip opened with mild gains.
On Monday, after market hours, TCS announced its Q4Fy21 earnings, wherein its net profit surged 14.9 percent YoY and 6.2 percent quarter of quarter jump to Rs. 9246 crore.
Meanwhile, the revenue for the quarter stood at Rs 43,705 crore, up 5.9 per cent YoY and 4.2 per cent QoQ.
Further its order book was at a large $9.2 billion, the highest in any quarter since the company has been reporting this parameter.
After the earnings, Nomura has maintained a 'Neutral' stance on the scrip of TCS with a target price of Rs. 3140. And the brokerage firm awaits a better entry point and sees the company to be best placed to benefit from rising spends on digital transformation initiatives at clients