IT stocks surge up to 6% led by midcap counter Mphasis as TCS Q1 cheers D-Street

All 10 stocks in the index were trading in the green around 11:20 am, with midcap counter becoming the biggest beneficiary in terms of intraday gains, with a 6% uptick.

TCS shares touched the day's high of Rs 4,097.50 on the NSE, climbing over 4% after the IT bellwether's 9% year-on-year growth in its June quarter net profit of Rs 12,040 crore (profit attributable to shareholders of the company) cheered the street. The company's revenue from operations stood at Rs 62,613 crore, which was a 5.4% increase over the Rs 59,381 crore posted by the company in the same period a year ago.

In its media interaction, the management said that FY25 will be better than FY24.

(4%) and (3%) also hit fresh 52-week highs of Rs 555.75 and Rs 1,507, respectively. Others including (6%), L&T Technology Services (3%), (4%), Infosys (3%) and (4%) also benefited from the sentiments.

, which is due to announce the later today, was trading up 3%. One of India's largest IT companies, HCL is expected to report a 6% year-on-year jump in net profit for the quarter ended June 30, 2024, at Rs 3,745 crore, according to average estimates of four brokerages. The revenue is expected at Rs 27,997 crore in the quarter — growth of 6.5% over the corresponding quarter of the last financial year, the average estimates revealed.

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