On Friday, Tata Consultancy Services (TCS) and Infosys added Rs 1 crore to the overall market value of Indian listed businesses. Following the release of their results for the December 2023 quarter on Thursday, after market hours, both domestic software exporters showed high purchasing interest. Tata Consultancy Services rose more than 4.20 percent to Rs 3893.70 on Friday, commanding a total market capitalization of Rs 14,24,724.83 crore, up Rs 57630.06 crore from Thursday's close of Rs 3,736.20 and a market capitalization of Rs 13,67,094.77 crore.
Similarly, Infosys shares rose 7.5% to Rs 1,606.55 during Friday's trading session, giving the company a total market valuation of Rs 6,66,779.96 crore. In the last trading session, the stock closed at Rs 1495, with a total valuation of Rs 6,20,482.24 crore. Infosys increased its mcap by Rs 46,288.05 crore.
The overall gain of the company's two largest IT majors in investor wealth for the day was Rs 1,03,918.11 crore. Interestingly, both TCS and Infosys were trading marginally below their respective 52-week highs of Rs 3,928.95 and Rs 1,620.
Other IT blue-chips, in addition to TCS and Infosys, were in high demand on Dalal Street. Wipro's shares rose around 4.7 percent to Rs 469 on Friday, while HCL Technologies' stock rose more than 3.5 percent to Rs 1537.70. Buying in the IT sector pushed the BSE Sensex up 667.08 points, or 0.95 percent, during the early session to 72,388.26.
Tata Consultancy Services (TCS), India's largest IT services company, announced a 2% year-on-year (YoY) increase in net profit to Rs 11,058 crore in the quarter ended December 31, 2023. TCS' consolidated revenue increased 4% year on year to Rs 60,583 crore in the three months ending December 31, 2023.
Infosys, the country's second largest IT firm, reported a 7.3% year-on-year (YoY) reduction in earnings to Rs 6,106 crore in the third quarter of the current fiscal year. Infosys' consolidated revenue for the quarter was Rs 38,821 crore, up 1.3% year on year.
