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Tuesday 12 January 2016

TCS hits 18 month low ahead of Quarterly three results : 12 Jan 2016

Shares of Tata Consultancy Services (TCS) have dipped 2% to Rs 2,313 on the NSE, its lowest level in 18 months, ahead of October-December (Q3) results later today.Earlier, on June 27, 2014, the stock of information technology major hit a low of Rs 2,315 in intra-day trade on the NSE.The company will announce its results for the third quarter of FY2016, ended December 31, 2015 on Tuesday, January 12, 2016, after market hours, TCS said in a regulatory filing.Post Q2 (July-September) quarter results, since October 13, 2015 the stock has underperformed the market by falling 15% as compared to 7% decline in the Nifty 50 index.
Q3, traditionally, has been a seasonally weak quarter with furloughs impacting the manufacturing verticals the most.TCS last month had said it is expecting a substantial impact on the company's revenues in the seasonally weak third quarter ending December 31, 2015 owing to the recent Chennai rains."The company said attendance rates were lower than normal as employees were still recovering from the flood's aftermath. This is expected to have a material impact on the company's revenues in the seasonally weak third quarter ending December 31, 2015," TCS said in December 11, 2015.Edelweiss Securities expects TCS to disappoint in the December quarter in line with management's caution issued earlier."In our view, the company will be significantly impacted by both furloughs in the manufacturing vertical and huge presence of around 65,000 personnel at its Chennai facility," the broking firm said in Q3 results preview.


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