TCS, Avenue Supermarts Hit New All-Time High After Q3 Results

On Monday, shares of TCS (Tata Consultancy Services) and Avenue Supermarts hit a new all-time high in opening trade after the companies reported their results for the December-ended quarter.

TCS reported a 7.3% increase in its consolidated net profit on Friday, after market hours, at Rs 8,701 crore, for the third quarter of the financial year 2020-21. The IT giant said that it was the strongest third-quarter growth in the last nine years.

The company also announced that its board has approved a third interim dividend of Rs 6 per share for its shareholders.

Shares of TCS rose 3.5% on Monday to hit a new all-time high of Rs 3,230 on NSE. With this surge, the Tata Group company becomes the first IT services provider and overall the second listed company to cross Rs 12 trillion market-capitalisation (market-cap). The only other company to do so is Reliance Industries Limited (RIL).

Shares of Avenue Supermarts Ltd were up 5.7% to touch Rs 3,137 on NSE after the company on Saturday reported an impressive 16.4% rise in net profit at Rs 446.95 crore for the December-ended quarter from Rs 384 crore in the same period a year ago.

The company that runs the chain hypermarkets under the brand DMart, said that its "overall sales and sales mix is now trending very close to" its "usual times except for specific customer consumption changes post COVID-19."

In anticipation of positive quarterly results, Avenue Supermarts for the first time ever crossed the Rs 2 lakh crore market valuation last week, while TCS shares surged past Rs 3,000 for the first time.