Mumbai, April 17 : Tata Consultancy Services (TCS), the country's largest software exporter, Wednesday said its net profit increased 33.6 percent to Rs. 13,917 crore for the financial year ended March 31.
The company's annual revenue jumped 28.8 percent to Rs. 62,989 crore.
TCS posted a net profit of Rs. 3,597 crore for January-March quarter. The company had reported Rs. 3,551.8 crore profit in the previous quarter.
Reacting on the numbers chief executive and managing director of TCS N. Chandrasekaran said the company was hopeful of registering similar growth in 2013-14 also.
Indian IT services provider, Tata Consultancy Services (TCS) has agreed to pay $30 million to settle a class action suit against the company in the US.
Stock in India's leading software services provider Tata Consultancy Services (TCS) gained around 3 per cent to Rs 1,331.05 a share on the Bombay Stock Exchange (BSE) on Monday, ahead of the announcement of the company's third-quarter earnings.
Investors have been showing more interest in TCS shares since Friday, after Infosys reported better-than-expected results for the October to December quarter.
Indian Stock Market recovered towards the end of the trading session with support coming on heavy weight counters like ITC, TCS and HDFC. Indian markets were also helped by the positive trade in the European markets. BSE Sensex ended the day 51 points higher at 19742 and NSE Nifty managed a close above 6000.
Brokerage house Motilal Oswal has given sell calls for SAIL, JSW Steel and Tata Steel citing tough times for steel sector. Motilal Oswal has given sell rating for JSW Steel with a target price of Rs 478. JSW Steel closed a per cent lower at Rs 844 today.
Tata Consultancy Services (TCS) will report better growth figure than Nasscom's estimate for the current financial year, the software exporter's chief financial officer (CFO) and executive director S Mahalingam said.
Mahalingam claimed that TCS would keep on growing in the current quarter, and the growth for the full year would outpace the industry's average growth.
Information technology services provider Tata Consultancy Services (TCS) Ltd has told analysts that it could suffer, as usual, weakness in business and decline in margin in the third quarter of current fiscal.
The country's largest IT services provider said its third quarter would be a usual one, with weak business and decline in margin, due to lesser working days.
The three months through December usually record weak business weak quarter for the industry due to more holidays and lesser working days.
Indian Stocks market closed lower on Thursday as majority of stocks lost ground due to weak investor sentiment. The concerns of US fiscal issues has caused fall of Asian and European markets.
BSE Sensex closed 148 points lower at 18471 after Diwali. NSE Nifty closed 36 points lower at 5631. Among major losers were heavyweight counters including Grasim, ITC and Tata Steel.
Indian IT have shut their offices situated in the hurricane Sandy-hit areas in the US, and have issued advisories to their employees working in the affected areas, advising them to stay indoors.
Hurricane Sandy wreaked havoc along the US' East Coast, forcing tech firms to close offices in a number of areas including New York, New Jersey, Boston and Connecticut as a precautionary measure.
Indian Stock market gained on Monday with BSE Sensex up by nearly half a per cent at 18773 and NSE Nifty higher by 22 points. Among major Asian markets, Hang Seng was up by 0.55% while Straits Times and Nikkei 225 were flat.
Suresh Mahadevan, Head Equities at UBS Securities has expressed positive outlook for Indian stock market. He expects that the Indian economy will recover during the second half of the financial year. He also expressed his opinion about expected rate cut from RBI over next 12 months.
Tata Consultancy Services (TCS) has reported a year-on-year increase of 44 per cent in net profit, from Rs. 2,439 crore in the second quarter of 2011 to Rs. 3,512.3 crore in the second quarter of this year.
Revenue jumped 34.3 per cent to settle at Rs. 15,620.8 crore, while operating profit jumped 32.5 per cent to Rs. 4,179 crore.
During the three months to September 30, net profit margin jumped 151 basis points to settle at 22.5 per cent, while the operating margin slipped 36 basis points to 26.8 per cent.
Tata Consultancy Services (TCS) expects its volume growth to slip to 4.5-4.8 per cent in the July-September quarter, from 5.3 per cent seen in the previous quarter.
The company said induction of freshers, low-margins in Asia-Pacific, and a minor shift to onsite for new deal starts would led to the probable retardation in the volume growth. In addition, the company is unlikely to benefit from rupee depreciation, which may lead to further decline in margins.
Indian Stock market closed positive on Friday with BSE Sensex gaining 126 points at 17,783 and NSE Nifty closing at 5366. During the week, the stock markets have been positive and technical experts are seeing 5400 as major resistance for NSE Nifty. Among various sectors, BSE Auto, Consumer Durables, BSE FMCG and BSE IT indices closed positive.
FMCG major HUL touched 52-week high today. The stock touched high of Rs 505.45 and close at Rs 503, registering gain of Rs 9. Among technology stocks, Infosys, TCS, Mahindra Satyam and Tech Mahindra were among major gainers.
Indian Stock Markets opened positive on Friday but lost ground in afternoon session. The NSE Nifty was in negative zone at 13.52 IST. Asian markets closed positive with Nikkei 225 and Hang Seng closing the session with gain of 0.75 per cent.
The US markets closed positive, on Thursday. Dow Jones touched intraday high of 13269, less than 100 points from 52-week high. European markets have opened positive with DAX, FTSE and CAC showing marginal gains during the early session.
Indian Stock Markets were trading lower on Friday with BSE Sensex down by 25 points at 17536. US markets closed flat on Thursday and Asian Markets were lower on Friday.
Amit Kasat of Standard Chartered Securities has downgraded Tata Motors after the company declared lower than expected first quarter results. The company's JLR unit would face lower sales and this will have an impact on Tata Motor's profits in upcoming quarters. Amit Kasat has suggested investors to exit Tata Motors on every rally.
Kotak Institutional Equities has announced that it is downgrading Tata Consultancy Service (TCS), which is India’s leading IT service provider, to 'reduce' from 'add' even after the company reported a better expected results figures recently.
Indian Stock Market opened positive on Tuesday and has stayed in positive territory for most part of the trading session except for a decline at 2 pm IST. All the Asian markets closed in positive zone. Hang Seng was up by 294 points. The European markets have opened positive.
Heavyweight counters in Indian market including Reliance, ITC and BHEL dragged the indices down. Reliance was down by 0.4% after touching intraday high of Rs 742. ITC was trading at 246.5, down by 1.4%. TCS was down by nearly two per cent.
Macquarie Equities Research has downgraded the IT services sector stocks to "underweight" from "overweight".
The brokerage firm has said that there are demand concerns after Infosys, which has 30 per cent staff on the bench, delayed joining of new employees.
Bangalore-based, Infosys has announced a delay in taking on board some of its planned 28,000 new employees till mid next year.
Macquarie reduced ratings for India's top three software exporters Tata Consultancy Services , Infosys and Wipro to "underperform". The company also replaced TCS from its Top-10 list with ICICI Bank.
According to a new report by global research firm, the top five Indian IT services providers have recorded a growth of 23.8 per cent in the previous year compared to 7.7 per cent growth recorded by the overall global IT services market.
The top five firms including TCS, Infosys, Wipro, HCL Technologies and Cognizant grew higher than the industry average indicates India's strong hold on the It services market. Cognizant, which is listed on Nasdaq, recorded 33.3 per cent growth in revenues during the year while TCS revenue grew by 29.4 per cent in 2011 as compared to 0.9 per cent in 2010.
Research major Angel Broking has suggested buy call for technology counter TCS with a target of Rs 1276. TCS declared better than expected results for Q4 few days back.
The company management also issued positive guidance for future quarters. The stock is expected to be re-rated by stock market analysts. The company management has expressed confidence that they will go beyond targets and perform better than industry estimates.
The stock jumped after the results. TCS has touched 52-week high of Rs 1280 and 52-week low of Rs 902.
A judicial court in the US has approved a class action suit against Tata Consultancy Services, which accuses the Indian IT services giant of keeping the US tax refunds of Indian employees working abroad.
The documents released by the court show that people from countries other than US who were employed in the United States from February 14, 2002 to June 30, 2005, and those who were sent to the US for work by the company after January 1, 2002, will be allowed to become a part of the suit against the company.
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