April 20, 2018 / 4:11 AM / a month ago

BUZZ-India's TCS hits record high on profit surge; brokers upbeat

** Shares of Tata Consultancy Services Ltd rise as much as 4.3 pct to a record high of 3,326.65 rupees

** Stock posts biggest intraday pct gain since April 12

** On Thursday, India’s most valuable listed co with a market capitalisation of about $92 bln reported its biggest-ever net profit of 69.04 bln rupees ($1.05 bln) beating analysts’ average estimate

** Credit Suisse says solid Q4 with a revenue beat and a slight miss on margins

** Jefferies says management commentary of strong growth in retail in FY19 and green shoots in Banking Financial Services and Insurance (BFSI) support its view of an acceleration in growth going forward

** Commentary on BFSI was more tempered though it did indicate some green shoots in the key North American market which has been key to the sluggish growth in the sector - Jefferies

** IDBI Capital says “more confident of TCS seeing the best improvement in FY19 revenue growth (organic) amongst IT large-caps”

** TCS also approves a 1:1 bonus issue and recommends a final dividend of 29 rupees per share

** Jefferies maintains ‘hold’ on stock, says most of the improved outlook is already priced into stock price

** Stock has risen 18 pct this year up to Thursday versus a 14 pct gain in the NSE IT index ($1 = 65.8600 Indian rupees)

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