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TCS Q2 Results: IT Major’s Profit Rises 22% to Rs 7,901 Crore as Rupee Fall Boosts Margins

The country’s largest IT services provider got a boost from the rupee fall as it bills majority of the US and overseas clients in dollars. The rupee declined 5.6 percent in the quarter, making it the worst performing Asian currency.

In this file photo, logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai. (Photo: Reuters/Vivek Prakash)

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Tata Consultancy Services net profit for the second quarter rose 22.6% to Rs 7,901 crore corresponding to the same period a year ago. The company’s revenue also rose 20.7% to Rs 36,854 crore.

The country’s largest IT services provider got a boost from the rupee fall as it bills majority of the US and overseas clients in dollars. The rupee declined 5.6 percent in the quarter, making it the worst performing Asian currency.
Shares of TCS had fallen by over 3 per cent Thursday ahead of declaration of second quarter earnings.

The stock declined 3.10 per cent to close at Rs 1,979.75 on BSE. During the day, it slumped 4.89 per cent to Rs 1,943.05.
At NSE, shares of the company went down 2.37 per cent to end at Rs 1,995.

In terms of equity volume, 3.58 lakh shares of the company were traded on BSE and over 47 lakh shares changed hands at NSE during the day.

Selling was also seen in other IT stocks, with HCL Technologies falling 4 per cent, Infosys 3.61 per cent, Wipro 0.90 pe cent and Tech Mahindra 0.40 per cent on BSE.

Led by weakness in these stocks, the BSE IT index went down 3.21 per cent to settle at 14,413.70.

The broader market also depicted extreme weak sentiment, with the BSE barometer falling sharply by 759.74 points or 2.19 per cent to end at 34,001.15.

Source: News18

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