Mumbai: Shares of Tata Consultancy Services Ltd fell 3.8% on Friday after the company reported lower-than-estimated earnings for its September quarter. TCS reported a revenue growth of 0.6% quarter-on-quarter in dollar terms to $5,517 million. Earnings before interest and taxes (EBIT) margin was also lower than expectation by 114 basis points on the back of higher employee costs, leading to a 6% miss on EBIT. Rating remains at neutral and lower target price by 3% to ₹1950 a share. We cut target price to ₹2,230 from ₹2,360 earlier.

Source: Mint October 11, 2019 04:41 UTC