One of India's biggest IT company, TCS was one of the first company's and most importantly one of the first Indian Tech-giants to release their quarterly and annual results. The yearly profit of the MNC grew by 8.92 per cent. From Rs 42,147 crore to RS 45,908. In addition, its quarterly result for the same time of the year also rose by 9.14 per cent.
TCS Shares React To Profit Rise
As a result of this development, TCS shares were stable and ended the day in green, gaining 0.48 per cent, taking the price of each share to Rs 4,003.80. As a result of this, TCS was one of the few companies that withered the sea of red that engulfed Dalal Street on Friday. On 12 April, Friday, major indices, primarily Sensex and Nifty sunk by over 1 per cent.
Following suit are other IT companies, including Wipro and Infosys, who are expected to reveal their results in the coming week. In concurrence with the market 'reds', Infosys shares sank by 1.46 per cent, to reach Rs 1,484.85 on Friday. Wipro also ended the day's trade at the loss of 1.28 per cent, with Rs 471.20 at the end of the day.
TCS Fortunes in Green
Potentially as a result of this, Tata Son's subsidiary plans to implement salary increments, that reportedly will ranging from 4.5 per cent to 7 per cent. In this, stand out, exceptional performers and employees may be rewarded with double-digit raise.
In addition, in order to reinforce its prospects, the company aims to onboard approximately 40,000 freshers this year, including those who have already joined from previous cycles.
This earning season is going to be crucial, given it is the last set of performance result, that would be published under the current government, before the new government is sworn in, post the results in June 2024.
