Infosys, TCS rally up to 7% post Q3 results; brokerages remain optimistic

The silver lining of the performances of these companies during the quarter was the total contract value (TCV) signed, which continued to show a healthy momentum.

Shares of information technology (IT) giants Tata Consultancy Services (TCS) and Infosys rallied up to 8 per cent on the BSE during Friday's intraday trade.

This came after the companies had reported their December quarter (Q3 FY24) results, post market hours on Thursday.

Infosys surged 7.93 per cent to Rs 1,612.75, while TCS gained 3.94 per cent to Rs 3,882.80 on the BSE. In comparison, the BSE Sensex was up 1.18 per cent to 72,568 points.

What boosted sentiment was that both the IT majors delivered better-than-expected results. Street expectations for the IT sector were low, given macro concerns and lower working days.