 "TCS shares surge nearly 7%, on course to be India's first $100-bn company")
Shares of TCS today surged nearly 7%, adding Rs 413 billion to its market valuation, after the company reported a 4.4% rise in March quarter net profit and guided towards a better show in fiscal 2019.
The stock jumped 6.76% to settle at Rs 3,406.40 on BSE. During the day, it soared 7.22% to its 52-week high of Rs 3,421.25.
On NSE, shares of the company rose sharply by 6.62% to close at Rs 3,402.45.
The stock was the biggest gainer on both Sensex and Nifty.
Led by the gain in the stock, the company's market capitalisation moved up by Rs 413 billion to Rs 6.52 trillion or $98 billion ($1= Rs 66 approximately).
In terms of equity volume, 772,000 shares of the company were traded on BSE and over 9.2 million shares changed hands on NSE during the day.
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"TCS reported better-than-expected quarterly numbers," Emkay Global Financial Services said in a report.
Buying was also seen in other IT counters, with Tech Mahindra rising 5.34%, HCL Technologies 4.67%, Infosys 4.02% and Wipro 2.31% on BSE.
Led by the sharp gains in these stocks, the BSE IT index gained 4.80% to end at 13,335.13.
Stating that fiscal 2017-18 has been a "sobering year" on slower revenue growth, the nation's largest software exporter TCS yesterday reported a 4.4% rise in March quarter net profit at Rs 6,904 crore.
The Tata group flagship, which contributes around 85% of the group's profit, reported a revenue growth of 8.2% at Rs 320.75 billion for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7%.
It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 260 billion to the shareholders in dividends and bonuses in the year.