IT stocks take pride of place in a strong market ahead of after-hours TCS Q2 results expected. India’s largest IT services company will be the first to report second quarter results on Friday. Infosys, TCS, Tech Mahindra and HCL Tech are four of Sensex’s top six winners for the day, posting gains of 1-2% each, in a firm market.
The markets will closely monitor the company’s revenue during the quarter, and will also closely monitor the pipeline of transactions and management’s commentary on the company and the business environment, analysts said. TCS does not provide formal advice on revenue growth, unlike other IT companies.
TCS reported net profit of Rs 9,008 crore in the June quarter, up 28.5% from Rs 7,008 crore in the corresponding quarter a year ago, due to higher demand high level of cloud services and robust growth in its banking and financial activities.
The company’s operating income rose 18.5% to Rs 45,411 crore in the June quarter and total income increased to Rs 46,132 crore.
As of 1:05 p.m., TCS shares were trading up 1.5% at Rs 3,952.75 on BSE, compared to 0.5% for benchmarks.