TCS shares fall nearly 5% after Q1 earnings; mcap declines by ₹55,471 crore
The Hindu
TCS has missed on both revenue and margins in the June quarter results, says expert
Shares of Tata Consultancy Services (TCS) on Monday fell nearly 5%, wiping out ₹55,471.22 crore from its market valuation, after the company's June quarter earnings failed to meet market expectations.
The stock declined 4.64% to settle at ₹3,113.25 apiece on the BSE. During the day, it went lower by 4.87% to ₹3,105.85.
On the NSE, it fell 4.70% to end at ₹3,112 apiece.
Its market capitalisation (mcap) tumbled ₹55,471.22 crore to ₹11,39,154.17 crore on the BSE.
"On a stock specific front TCS fell by more than 4% as Q1 FY23 results missed estimates," said Mohit Nigam, Head - PMS at Hem Securities.
The country's largest software exporter TCS on Friday reported a 5.2% rise in the June quarter net profit to ₹9,478 crore, restricted by the impact of annual wage hikes and promotions that took operating profit margins to multi-quarter lows.
The Tata Group company, which is the first in the country's over $220 billion software exports industry to report earnings, however, said that it does not see any adverse business impact because of worries around recession in its key markets.
According to BACL, the biophilic-inspired business park will offer smart workspaces within a vibrant public realm. The project’s most exceptional and breathtaking attribute lies in the Urban Forest, a lush oasis in the centre of the development. This green space will serve as a focal point, seamlessly blending indoor and outdoor spaces throughout the area. The upcoming metro station in Airport City will provide seamless connectivity to the business park from the northern side, ensuring convenient accessibility.