TCS shares down over 4%; m-cap dips Rs 21,349 cr post Q4 nos

Shares of the country's largest software exporter TCS today fell by over 4 per cent, leading to an erosion of Rs 21,349 crore from its market valuation, after it reported 27 per cent dip in March quarter net profit impacted by a one-time Rs 2,628-crore employee bonus.
At the end of trade, TCS's scrip fell by 4.22 per cent to Rs 2,476.20 on the BSE. In intra-day, it tumbled 4.41 per cent to Rs 2,471.
On the NSE, the stock went down by 4.17 per cent to close at Rs 2,474.85.
Led by the dip in the stock, the company's market value fell by Rs 21,349.78 crore to Rs 4,85,020.22 crore.

In terms of volume, 3.74 lakh shares of the company changed hands at the BSE and over 48 lakh shares were traded at the NSE during the day.
"TCS announced lower-than-expected numbers on sales front, while net profit came in higher-than-expected," said Sarabjit Kour Nangra, VP Research - IT at Angel Broking.

The company had yesterday reported a 27 per cent dip in March quarter net profit at Rs 3,858.2 crore, impacted by one-time Rs 2,628 crore employee bonus, but exuded confidence about surpassing the industry average in the current fiscal.
The company had reported a net profit of Rs 5,296.7 crore in the same period last fiscal year.

Revenue for the quarter rose 12.4 per cent to Rs 24,219.80 crore, while for the full fiscal it rose 15.7 per cent to Rs 94,648 crore. The net profit for the full fiscal rose 13.5 per cent to Rs 19,648 crore.
"As we look into future, I think we are extremely well placed... Our deal wins, our order-book and the client sentiment look positive," TCS Managing Director and Chief Executive Natarajan Chandrasekaran had said yesterday.
The Tata Group company, however, remains very upbeat about the next fiscal (2015-16) and will continue to outgrow the industry, he said.
Nasscom has estimated a revenue growth of 13-15 per cent for the Indian IT industry in the current fiscal.

Employees who have spent over a year at the company will receive a week's salary for every year spent at the company and the Rs 2,628 crore one-time bonus payout will come in April or May.
Meanwhile, weakness was also seen in other IT stocks, where Wipro ended 2.46 per cent lower to Rs 586.55 and Infosys was down 0.42 per cent to Rs 2,181.95.
The BSE IT index ended the day with a loss of 2 per cent at 11,168.78.
In the broader market, the BSE benchmark Sensex settled 223.94 points down at 28,442.10.