TCS shares drop nearly 2% to ₹2,018.5 ahead of results
Business
TCS shares dropped nearly 2% to ₹2,018.5 on Thursday, just before the company reveals its first-quarter results.
The stock has had a rough year, down 36.2% so far, while the Nifty 50 index only slipped about 8.7%.
This dip comes even as most of the market is trending up.
IT stocks drag sector over 1.5%
Despite gains in the Sensex and Nifty overall, IT stocks like TCS, Infosys, and Tech Mahindra dragged the sector down by over 1.5%.
Analysts expect TCS's quarterly profit to dip slightly due to wage hikes, but rupee revenue should rise a bit.
Everyone is watching how TCS pushes forward with new AI projects, like its OpenAI data center partnership, even though deal wins are expected to be lower than last quarter.