Should you buy, sell or hold TCS shares after Q4 results?
Post Q4 numbers, most brokerages remained bullish on TCS, expecting the share price to rise up to 15% to ₹4,700 from the current market price.
Post Q4 numbers, most brokerages remained bullish on TCS, expecting the share price to rise up to 15% to ₹4,700 from the current market price.
The BSE IT index declined nearly 2% today, led by index heavyweights HCL Technologies, Wipro, Infosys, TCS, and Tech Mahindra.
Extending gaining streak for the fourth straight session, TCS shares rose as much as 2.6% to scale a new peak of ₹4,229.30 on the BSE.
The IT major’s net profit fell 60.6% YoY to ₹510 crore, while revenue from operations slipped 5% to ₹13,101 crore in Q3 FY24.
The brokerage expects most IT services firms to miss current expectations and placed Infosys, TCS and MphasiS on negative catalyst watch
The IT major was the top gainer on the BSE Sensex as investors cheered the buyback of 26.96 crore shares at a premium of 19%.
Citi has downgraded Tech Mahindra to “sell” from “neutral” and cut the target price to ₹955 from ₹1,100.
Infosys shares currently trade below its average target of ₹1,720.36, a potential upside of 24% from the current market price
The IT heavyweights have declined up to 45% in the calendar year 2022 amid concerns about earnings in the backdrop of a muted demand environment and higher interest rates.
Shares of TCS, Infosys, Wipro, Tech Mahindra, HCL Tech, and MindTree dropped up to 4% in opening trade amid fear of aggressive rate hikes by the U.S. Federal Reserve.