TCS, SBI lead market rally as 7 of top 10 firms gain Rs 2.1 lakh crore
The combined market value of seven out of the top ten most valued companies in India increased by Rs 2,10,254.96 crore last week.
The combined market value of seven out of the top ten most valued companies in India increased by Rs 2,10,254.96 crore last week.
The combined market valuation of eight of the top 10 most valued firms eroded by Rs 3,09,244.57 crore last week.
Last week, the combined market valuation of six of the top 10 valued domestic firms eroded by Rs 1.71 lakh crore.
The combined market valuation of five of the top-10 most-valued firms tumbled Rs 1,85,952.31 crore last week.
The company's consolidated revenue increased 5.6 per cent to Rs 63,973 crore during the quarter.
The concerns triggered by the ongoing Israel-Hamas conflict had resulted in the creation of big short positions in the market, and now these shorts are being covered pushing the markets up, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The revenue for Q2 came at Rs 59,692 crore, an increase of 7.9% year-on-year. In constant currency terms, the revenue growth was 2.8% YoY.
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A sharp fall in Infosys after the Q1 results led the markets down sharply by more than 600 points on Friday.
Amid the layoff season, tech major TCS on Thursday announced plans to create 1,200 new jobs in the US by the end of 2024. The Indian company will create these jobs in the state of Illinois, along with accelerating its STEM outreach efforts in local schools to cover 25 per cent more students and teachers.