Sensex, Nifty Rise as IT Index Outshines; Infosys, Tata Consultancy Services Rally 3-7%

🗓 

by Sandip Das on 12 January 2024,  4 min read

Sensex, Nifty Rise as IT Index Outshines; Infosys, Tata Consultancy Services Rally 3-7% - MyDhanush Blogs by Ashika
0
(0)

IT stocks were on a role in the morning session on January 12, 2024, pushing Sensex and Nifty higher. At 10:15 AM, Sensex jumped 563 points at 72,284 level while Nifty gained 160 points and was trading at the 21,806 mark.

The Nifty IT index outperformed, surging over 4.5 percent, a day after Tata Consultancy Services (TCS) and Infosys reported their quarter 3 results.

The top IT gainers included Infosys which jumped 7 percent followed by Coforge, Mphasis, Wipro, and TCS which gained 3-4 percent each.

Also read: Lupin, Oracle Financial Services Top 2 Stocks Which Can Fetch up to 13% Return

On January 11, 2024, TCS reported its third-quarter earnings. The IT major announced an on-year growth in net profit of 8.2 percent, reaching Rs 11,735 crore. It achieved a 4 percent increase in revenue, amounting to Rs 60,583 crore for the third quarter of FY24, despite facing a weak demand environment and seasonal weakness.

TCS achieved a 1.7 percent year-over-year revenue growth in constant currency (CC). It reported a total contract value (TCV) of $8.1 billion, a decrease from $11.2 billion in the previous quarter.

TCS Earnings (Rs crore) December 31, 2023 September 30, 2023
Revenue from operations 60,583 59,692
Other income 862 1,006
Total Income 61,445 60,698
Profit for the period 11,097 11,380

On the other hand, Infosys disclosed a consolidated revenue of Rs 38,821 crore for the quarter. The operating margin, affected by furloughs and salary hikes, experienced a sequential slip of 70 basis points, settling at 20.5 percent. Despite this, the company maintained its operating margin guidance within the range of 20-22 percent.

Infosys Earnings (Rs crore) December 31, 2023 September 30, 2023
Revenue from operations 38,821 38,994
Other income 789 632
Total Income 39,610 39,626
Profit for the period 6,113 6,215

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Spread the love

Open Free Demat Account!

In just a few minutes, Simply provide some basic personal details, to get started.