Shares of Tata Consultancy Services (TCS) jumped nearly 5 per cent on Friday morning after the IT services company reported an 11.95 per cent jump in December quarter net profit to Rs 12,380 crore.
The bellwether stock surged 4.73 per cent to Rs 4,227.70 on the BSE.
At the NSE, it climbed 4.60 per cent to Rs 4,225.
The company's market valuation soared Rs 69,829.1 crore to Rs 15,30,324.39 crore during the morning trade.
TCS emerged as the biggest gainer among the Sensex and Nifty stocks in an otherwise weak equity market trend.
Other IT stocks were also in demand, with Tech Mahindra, Infosys, HCL Tech and Wipro quoting in the positive territory.
"Results of TCS indicate that the IT sector will continue to remain resilient," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
The Tata Group company had reported a net profit of Rs 11,058 crore in the year-ago period and Rs 11,909 crore in the preceding September quarter.
The company's revenue grew 5.6 per cent to Rs 63,973 crore against Rs 60,583 crore in the year-ago period. However, it was down from Rs 64,259 crore in the September quarter.
New order bookings stood at USD 10.2 billion against USD 7.9 billion in the year-ago, in what is generally called a seasonally challenging quarter due to the holiday season.
Its Chief Executive K Krithivasan said the macro factors afflicting the IT sector continued even in the reporting quarter but added that the new orders were across industries, geographies and service lines, which lends a "good visibility to long-term growth".
There are also early signs of a revival in discretionary spending, which have been elusive for a better part of the fiscal and are among the factors leading to the softer revenue growth of 4.6 per cent in the first nine months.
Krithivasan said discretionary spending is likely to increase from now and added that the calendar year 2025 will be better than 2024.
