TCS finishes in red ahead of Q2 results, buyback announcement
TCS Q2 result date: According to Zee Business research, TCS is expected to report a sequential increase of 2.5 per cent in net profit to Rs 11,350 crore and a rise of 1.4 per cent in revenue to Rs 60,200 crore for the second quarter of the current financial year.
TCS share price NSE, TCS Q2 result date, TCS buyback: Tata Consultancy Services (TCS) shares were in focus on Wednesday as investors awaited the Tata group IT major to report its financial results for the July-September period later in the day. TCS shares gave up initial gains to finish at Rs 3,613, down Rs 15.9 or 0.44 per cent on NSE. Click here for TCS Q2 Results LIVE
Here's how the stock has moved on Wednesday:
The board of TCS will also consider a proposal to buy back shares. If declared, this will be the fifth buyback by TCS over a span of six years. The company announced share buybacks in 2017, 2018, 2020, and 2022. According to Zee Business research, TCS could buy back about 1.2-1.3 per cent of its equity through the buyback, worth an estimated Rs 19,500-21,500 crore.
Should you buy, sell or hold TCS shares?
- Morgan Stanley has maintained an ‘equal-weight’ rating on Tata Consultancy Services with a price target of Rs 3,730.
- Macquarie has maintained its ‘outperform’ call on the IT major, with a target of Rs 4,220.
| Brokerage | Call | Target Price (INR) |
| Morgan Stanley | Equal-weight | 3,730 |
| Macquarie | Outperform | 4,220 |
TCS shares: Past performance
During the July-September 2023 quarter, TCS shares gained nearly 7 per cent. The Nifty IT index rose 7.5 per cent during the three-month period while the NSE's Nifty increased 2.3 per cent.
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