The stock of TCS after announcing the first quarterly results for the FY 2018-19 with a net profit higher by 24% on a YoY basis has hit a new lifetime high of Rs. 1941.80 on the NSE. This has propelled a rally in the benchmark indices and Nifty was seen just 25 points of the 11,000 mark. Earlier the 11,000 mark on the Nifty was breached on January 29, 2019 when it reached 11, 171.55 points.
The new high by the IT behemoth is attributed to its stellar performance in the first quarter of the FY 2019 which has been declared as the best quarter in the company's history in last 15 quarters. On Tuesday, TCS announced an interim dividend of Rs 4 per equity share.
The TCS stock alone contributed to significant gains in the benchmark indices during the late morning trade session today even as the Asian markets world over were reeling in pressure due to fresh threat by the US to impose trade tariffs on about $200 billion worth of Chinese goods.