TCS share price slumped by 6% to hit a six-month low on Thursday after the company informed that there could be subsequent loss of momentum since its clients has the chance to hold back discretionary spending in banking, financial services and insurance (BFSI) segment in the US. The stock displayed worst performance in the Sensex pack in morning trade. IT biggies namely Infosys, TCS and Cognizant have high revenue shares from the BFSI segment.
The profit warning by TCS weighed on other IT stocks. At 11.30 am, Infosys shares were trading 2.18 per cent lower at Rs 1,031. Wipro dropped 1.82 per cent to Rs 473. As per analysts, it would be tedious for TCS to clock a revenue growth beyond 8-9 per cent in FY17. Also, it may also miss its 26-28 per cent margin target for FY17. It is expected from TCS to report a revenue growth below 8 per cent in FY17.
In other news, India’s IT major Tata Consultancy Services (TCS) was given the recognition as a leader among 28 companies for the sixth consecutive year owing to its industry leading domain solutions, strong delivery and execution capabilities. TCS was crowned as a leader across all four lines of the banking business including credit cards, retail banking, lending and commercial banking. Even this accolade failed to pull the stock up and TCS share price dipped sharply this morning; opened at Rs. 2360 which remained its day’s high till 11:30 am. On the other hand the day’s low stood at Rs. 2284.75.
TCS is one of the top 500 shares identified by Dynamic Levels for this quarter. The stock volume surged by more than 4.18 times on 6th September and simultaneously on 7th and 8th September by more than 2.36 times and 2.08 times respectively.The lifetime high of TCS share price is recorded at Rs. 2839.70 on 7th Oct ’14 while the lifetime low is seen at Rs. 207.68 on 27thOctober ‘08.Detailed information on the stock can be acquired from TCS share price forecast.
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