Title: TCS Share Price Surge: Stock to Buy Before Q4 Results 2024
In a recent turn of events, Tata Consultancy Services (TCS) shares have witnessed a significant surge in price, making it a stock to watch out for before the Q4 results of 2024. After facing a sharp selling pressure due to Tata Sons stake sale news in mid-March 2024, TCS share price has rebounded strongly, reaching new highs.
The TCS share price, which had dipped to ₹3,840 to ₹3,850 per share, has now climbed to an intraday high of ₹4,025.95 per share on the NSE, marking a nearly 5 percent upside from the lows experienced after the Tata Sons induced selling last month.
Market experts believe that TCS shares are on the verge of a fresh breakout at ₹4,030 apiece level. If this hurdle is breached on a closing basis, TCS share price could potentially reach ₹4,300 per share level in the short term. The market is anticipating mid-single digit growth in revenue, EBITDA, and PAT for TCS in the upcoming Q4 results of 2024.
Dhruv Mudaraddi, a Research Analyst at StoxBox, stated, “We expect TCS to report mid-single digit growth in revenues, EBIT, and PAT for Q4FY24. The key focus in results would be management commentary on the outlook for FY25, visibility for megadeals, pricing environment, and outlook for key verticals such as banking, hi-tech, and retail.”
Despite the uncertain near-term outlook for the IT sector due to macro headwinds and cautious spending by clients, TCS remains a strong contender for medium to long-term investors. The recent increase in deal wins for the company indicates a positive growth trajectory.
Experts suggest that investors should consider adding TCS shares to their portfolio or accumulate more on bid dips. Saurabh Jain, Vice President at SMC Global Securities, highlighted the impact of outsourcing business from US IT giants on Indian IT companies like TCS, emphasizing the importance of deal wins in driving future growth.
In conclusion, TCS share price is poised for further growth, with potential targets set at ₹4,200 and ₹4,300 per share in the short term. Investors are advised to maintain a stop-loss at ₹3,900 per share level and consider accumulating TCS shares for potential gains in the upcoming quarters.
Disclaimer: The views and recommendations mentioned are those of individual analysts and experts. Investors are advised to consult certified experts before making any investment decisions.
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