- TCS also said it would not lay off employees
- TCS is relatively better positioned versus the sector to navigate challenges posed by coronavirus: Analyst
Shares of Tata Consultancy Services Ltd rose as much as 7.9% on Friday as investors shrugged off the software service firm’s warning on coronavirus risks to focus on sales wins and its promise to push ahead with hiring this year.
Mumbai-based TCS saw consolidated revenue for the fourth quarter grow 5.1 percent to ₹39,946 crore. The company, which reported fourth quarter results late on Thursday, also said it would not lay off employees and would honour all new job offers, including to around 40,000 new graduates.
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IT services firms like TCS, Wipro Ltd and Infosys Ltd depend on armies of engineers to service corporations across the world, especially in North America and Europe.
“The pandemic is expected to pose continued near-term challenges on demand, supply, pricing and working capital fronts. Nevertheless, we expect TCS to be relatively better positioned versus the sector to navigate these challenges,” analysts at Motilal Oswal said.
Source: livemint
