08 Jul , 2022 By : Kanchan Joshi
Tata Consultancy Services (TCS) is scheduled to announce its quarterly results for the first quarter of the financial year 2022-23. The large-cap IT major is expected to kick off the earning season as TCS will be the first major company to announce its financial results after ushering into the Q1FY23. Ahead of the TCS results announcement, IT stock is trading weak as TCS share price has logged around one per cent correction in intraday trade on Friday session.
TCS share price today opened on a positive note but soon started to fall after the profit-booking trigger after making intraday high of Rs3,305 per share mark. TCS stocks continue to fall and went on to hit intraday low of Rs3,253 apiece and recorded more than 1 per cent dip from its Wednesday close of Rs3,287.85 levels on NSE. The second most valued Indian company after Reliance Industries Ltd or RIL (in terms of market cap), is currently quoting Rs3,263 per share on NSE and Rs3,264 per share on BSE.
TCS share price history
After climbing to its 52-week high of Rs4,043 apiece levels on NSE in January 2022, TCS share price has been under base building mode. The large-cap IT stock witnessed heavy sell-off after the outbreak of Russia-Ukraine war. TCS stocks hit 52-week low of Rs3,023.85 mark on NSE in June 2022. However, the stock has shown strength afterwards and has been able to sustain above its fresh 52-week lows.
In YTD time, BSE Sensex and NSE Nifty has shed over 8 per cent whereas S&P Mid-cap index has corrected around 10.50 per cent in 2022. In YTD time, S&P Small-cap index has descended around 14 per cent. So, comparing the benchmark indices performance with TCS shares have fallen more as the stock has dipped from around Rs3,820 to Rs3,263 per share on NSE, logging around 14.75 per cent correction in this period.
TCS had reported 7.35 per cent YoY jump in net profit to Rs9,926 crore during January to March 2022 quarter. TCS net profit was Rs9,246 crore in Q4FY21. Revenue saw a 15.75 per cent YoY surge to Rs50,591 crore during Q4FY22, against Rs43,705 crore in Q4FY21.
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