New Delhi: Shares of Tata Consultancy Services Ltd (TCS) edged higher on Tuesday, ahead of the company’s June quarter results announcement, rising 0.35% to ₹ 1,894. India’s biggest IT company TCS will announce its Q1 FY19 results after market hours today. The TCS top management will address the media at 5.15 pm, followed by an analyst conference call at 7pm. TCS share prices have hugely outperformed the broader market this year, surging about 40%. There has been a re-rating in some IT stocks on expectations that growth will pick up.
The IT index has outperformed the broader markets this year, driven by a depreciating rupee. Expectations are high from TCS and other top-tier IT companies on the earnings front for the June quarter.
“The first quarter is a seasonally strong one for IT companies due to higher billing days and allocation of budgets to programmes. This, along with benefits from currency movement, is expected to result in improved recovery for the sector,” market analyst Ambareesh Baliga wrote in a blog post.