TCS, HCL shares fall on profit-taking after record highs

Reuters Posted online: Thursday, Oct 17, 2013 at 0000 hrs
Mumbai : Indian software services exporters Tata Consultancy Services (TCS) and HCL Technologies fall, despite posting July-September earnings that beat estimates, as investors book profits.

TCS is down 2 per cent after making an all-time high of 2,258.85 rupees on Tuesday, while HCL Tech falls 1 per cent after hitting a record high of 1,178.45 rupees in the previous session. Indian markets were closed on Wednesday for a holiday.

TCS said late on Tuesday its consolidated net profit for the quarter rose 34 per cent to 47 billion rupees ($760 million) compared with an average of 44.7 billion rupees in estimates by 27 analysts, according to Thomson Reuters I/B/E/S.

HCL Tech's September-quarter profit came in at 14.16 billion rupees compared with an average of 13.36 billion rupees in estimates by 25 analysts, according to Thomson Reuters I/B/E/S.

Other IT stocks also fall: Tech Mahindra Ltd is down 1.7 per cent, while Infosys falls 0.9 per cent.