TCS scales record peak on strong earnings, upbeat outlook

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The company's blue-chip scrip of Re 1 face value gained Rs 31.15 to end at Rs 3,190.65 per share on the BSE on Thursday from Wednesday's closing price of Rs3,159.50 and opening price of Rs 3,175.

This also boosted its market capitalisation, which moved up by ₹41,301 crore to ₹6.52 lakh crore, which is nearly $99 billion, a whisker away from the $100-billion mark.

TCS has focused on internal talent development at scale, making large investments in a digital learning platform that empowers employees to acquire new skills and stay relevant at a time of huge technology change, the company said. Currently, TCS is ranked 103, ahead of British pharmaceutical company GlaxoSmithKline (GSK).

The rupee on Friday crashed below the key 66 level to settle at a 13-month low of 66.12 against the dollar. If not for the weakness in the rupee, TCS' market cap would have breached the $100-billion mark. Mukesh Ambani-led Reliance Industries had crossed the mark in October 2007.

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The Nifty IT index on Friday registered a lifetime high on weak rupee against the USA dollar and a robust growth guidance by Tata Consultancy Services.

The Nifty IT index, after registering a new peak at 13,964.30 in intraday deals, closed the day at 13,910.35, up 4.8 per cent or 636.90 points.

The information technology (IT) major now accounts for 61 per cent of the Tata group companies' combined market capitalisation, up from 53.8 per cent at the beginning of the current calendar year and 59 per cent at the beginning of 2016. Further, with favorable capital allocation policy for investors, we expect TCS to continue to trade at a premium to its peers.

Tata Motors is moving up 1.75%, and Cipla is gaining about 1.5%.

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India's top software services exporter is more confident about BFSI revenues from North America as client discussions show there is "not much stress left in the system", and this could potentially translate into better client spending through the course of the year, CEO Rajesh Gopinathan told reporters.

"Six industry verticals grew above the average in the fiscal, four of them growing in double digit", said Subramaniam.

In a regulatory filing on the BSE, the IT major said net profit for Q4 at Rs 6,925 crore was up 4.6 per cent from Rs 6,622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6,545 crore quarter ago.

For the full fiscal year to March 2018, the company saw its net profit dip 1.7 percent to Rs 25,826 crore, though revenue rose 4.3 percent to Rs 1.23 lakh crore.

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