Nifty IT jumps over 3% as TCS surges nearly 6%
In short
Nifty IT rose by more than 3% in morning trade. TCS led the move and climbed almost 6% after Thursday results showed Q2 revenue of Rs 73,188 crore and net profit of Rs 13,884 crore.
The gain lifted the IT sector. The source does not say if other companies also had news or whether the rally will continue.
What the reporting says
Nifty IT jumped over 3% in morning trade, with TCS leading the gains by surging almost 6% after reporting Thursday Q2 revenue of Rs 73,188 crore and consolidated net profit of Rs 13,884 crore. Mint said revenue was up 11.20% year-on-year and profit rose 15% year-on-year. The immediate consequence was a broad IT-sector rally, while the source does not state whether the move was driven only by earnings or also by wider market factors.
Why it matters
Nifty IT moved up more than 3% in morning trade, with TCS up almost 6% after its Thursday Q2 results showed revenue of Rs 73,188 crore and consolidated net profit of Rs 13,884 crore. Mint said revenue rose 11.20% year-on-year and profit 15% year-on-year. The rally helped the broader IT pack, but the source does not say if other stocks were reacting to the same earnings or to market sentiment.