The combined market valuation of six of the top 10 valued firms in the last week soared by Rs 1,18,626.24 crore. Tata Consultancy Services (TCS) stole the show with maximum gains.
IT services major Tata Consultancy Services (TCS) has delayed salary hikes, as the management remained uncleared on the increment cycle amid global uncertainty arising due to US tariffs.
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.
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.
"Margin pressure due to surge in input costs is expected to reduce owing to price hikes, operational efficiency, and improvement in product mix."
Over the course of the 10-year contract, which has the opportunity for a five-year extension, TCS will digitally transform taxi and private hire
Reacting to the results, analysts at domestic brokerage Reliance Securities said the revenue underperformance was a one-off and welcomed the significant deal wins.
