Tata Consultancy Services (TCS) shares jumped nearly 4 percent in early trade on Friday following the company's Q2 FY27 earnings announcement, leading a broad-based rally in IT stocks. The gains came despite fresh regulatory uncertainty stemming from the US government's decision to suspend several technology companies from its Permanent Labor Certification Program (PERM).
TCS stock rose 3.79 percent to Rs 2,154.70 on the NSE, after touching an intraday high of Rs 2,163.20. The Nifty IT index surged 2.74 percent to 28,495.30, emerging as the top sectoral gainer. TCS and HCL Technologies were also among the leading gainers on the Nifty 50.
The rally came as the broader market opened higher. At 9:22 am, the Sensex was up 302 points at 71,894.77, while the Nifty 50 gained 97 points to trade at 22,329.20.
TCS reported a 4 percent sequential increase in consolidated net profit to Rs 13,884 crore for the September quarter, compared with Rs 13,349 crore in the preceding quarter. Excluding an exceptional loss in Q1, profit rose marginally from Rs 13,849 crore.
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