Mumbai, First Published Jul 11, 2022, 1:28 PM IST
Shares of Tata Consultancy Company (TCS) fell 4 per cent in morning trade, hitting a three-week low.
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On the Mumbai Stock Exchange, TCS stock fell 4.44 percent or 144 points to Rs 3,119.50 per share. TCS shares fell 4.40 per cent to Rs 3,121.80 per share on the National Stock Exchange.
TCS released its first quarter results for the current financial year last Friday. Investors started selling shares due to factors such as profit not rising as much as expected and the cost of employees working in the company continued to rise.
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TCS’s net profit for the first quarter of the current fiscal rose 5.21 percent to Rs 9,478 crore. In the first quarter of last financial year it was Rs.9008 crore. Profit fell by 4.51 percent. In terms of revenue, it increased by 4.28 percent over last year to Rs 52,758 crore.
IT stocks in the national stock market have lost double-digit growth in asset value since the start of 2022.
According to market research firm Ambit Capital, “There are 3 reasons why TCS stock is falling. The macroeconomic environment in Europe and America is weak. “When workers in the US and Europe get an increase in wages, it affects earnings,” he said.
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What is the reason?
According to market experts, “economic growth has started to slow down in the United States and European countries. Due to this, the profit fell to 94.78 billion dollars in the first quarter, but the profit was expected to be 98.51 billion. “It seems that an economic recession is developing in Europe.”
Last Updated Jul 11, 2022, 1:28 PM IST