TCS shares surge 12 percent on robust earnings

Mumbai, April 24 (IANS) The shares of Tata Consultancy Services (TCS) Tuesday surged more than 12 percent in the afternoon trade following a better than expected quarterly earning Monday.

At the Bombay Stock Exchange, the shares of the company were trading 12.52 percent up at Rs.1,191.85 in the afternoon session.

The IT bellwether has reported a consolidated net profit of Rs.2,894.93 crore for the quarter ended March 2012, against Rs.2,622.93 crore during the like period of the previous financial year.

Total income stood at Rs.13,357.95 crore during the quarter under review against Rs.10,401 crore during the like period of 2010-11.

TCS became the first Indian IT company to cross the ten billion dollar milestone, posting annual revenues of $10.17 billion, and reported a currency revenue growth of 2.3 percent quarter on quarter.

Looking ahead to financial year 2012, N. Chandrasekaran, TCS chief executive officer and managing director, said that the company was well prepared to achieve balanced growth across the industries and markets it operates in, given its holistic portfolio of services which are now achieving significant scale across markets.

The firm also said it was raising wages for workers in India by 8 percent.