Mid-Market Watch on IT Stocks: While Indian equity markets were trading positive territory, the top software exporter Tata Consultancy Services (TCS) share slip in a negative zone, as its September quarter results were not up to the mark of Street expectations.
On Thursday, post-market hours, TCS released its quarterly financial results for July-September for the current fiscal. The Company reported, its net profit for the second quarter was at Rs.8042-Cr, which is seen 1.8-pc greater than that of the same quarter of the last Yr, but 1.1-pc lower than the previous quarter. Avail equity tips from our experts
On Friday, TCS share opened at Rs.1931 and it hit a high and low at Rs.1981 and Rs.1925 respectively on the NSE. The stock had hit its one-year-high at Rs.2296.20 on 3rd September 2019. At 12.15 pm, TCS share price stood at Rs.1979.55, down Rs.24.90 or 1.24% from its previous closing, on the NSE. For free stock tips visit our website.
Meantime, the rupee strengthened against the dollar whereby the Nifty IT Index gained 0.97% at 15,240.30. Infosys, the biggest gainer in the Nifty IT (up3.09%) followed by NIIT Tech, HCl Tech AND MindTree with gains between 1 to 2.95% in range. TCS and Wipro were the index losers during mid-session