TCS shares shed early losses, close nearly 1% higher

Shares of Tata Consultancy Services (TCS) on Friday erased all its early losses and closed nearly 1 per cent higher.

Earlier in the day, TCS had dropped over 1 per cent after the company reported a 13.8 per cent decline in its June quarter consolidated net profit.

The stock, which fell 1.22 per cent to Rs 2,177.25 during the day on the BSE, later bounced back and settled at Rs 2,221.65, up 0.78 per cent over previous close.

On the NSE, it recovered the lost ground and closed higher by similar margin at Rs 2,221.70. Intra-day, it fell 1.28 per cent to Rs 2,176.

In terms of volume, 2.60 lakh shares were traded on the BSE and over 96 lakh on the NSE.

The country's largest software services firm on Thursday reported a 13.8 per cent decline in its June quarter consolidated net profit at Rs 7,008 crore on revenues being impacted by the coronavirus crisis.

It expects revenues to touch pre-Covid-19 levels only by the January-March quarter of this fiscal.

TCS had posted a consolidated net profit of Rs 8,131 crore in the year-ago period.

The company's Q1 revenue was almost flat in rupee terms at Rs 38,322 crore but was down 6.3 per cent on constant currency basis. Revenues were lower by 4.06 per cent when compared with the previous quarter's figure of Rs 39,946 crore.