Brokerage house Citi has maintained sell rating on the stock and cut target to Rs 1,785 per share.
Share price of Tata Consultancy Services (TCS) was down 1.7 percent in the early trade on Friday on the back of Q3 numbers announced by the company on January 10.
The company has reported a 2.6 percent sequential growth in December quarter profit at Rs 8,105 crore, with constant currency revenue growth of 1.8 percent QoQ meeting analyst expectations on Thursday.
The bottomline growth was driven by other income (up 59 percent QoQ), but limited due to weak operational performance. The company had reported a profit at Rs 7,901 crore in quarter ended September 2018.
Revenue during the quarter grew by 1.3 percent quarter-on-quarter to Rs 37,338 crore in October-December quarter, the country's largest IT services exporter said in its filing.
The year-on-year growth in profit was 24.1 percent, and revenue in constant currency terms increased by 12.1 percent YoY, the highest in 14 quarters.
Also Read - Should you buy, sell or hold the TCS stock after Q3 results?
Brokerage house Citi has maintained sell rating on the stock and cut target to Rs 1,785 per share.
Citi said that concern on profitable growth for company/sector remains, it said. Infosys’ earnings is the next key sector event. Overall, it is maintaining cautious stance on the sector.
At 09:17 hrs Tata Consultancy Services was quoting at Rs 1,866.50, down Rs 21.65, or 1.15 percent on the BSE.
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