TCS, an IT company, saw its stock price increase by 5.13% on Friday and an additional 2.47% on Thursday. This means that the company’s stock price went up to Rs 3,512. In just two days, TCS added Rs 92,135 crore to its market capitalization.

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Shares of six leading IT companies, namely Tata Consultancy Services (TCS), Infosys, HCL Technologies (HCL Tech), Wipro, LTIMindtree, and Tech Mahindra, experienced significant gains in their market value over the course of two trading sessions. In total, 56 stocks from the BSE IT index saw an increase in value by a total of Rs 1.8 lakh crore during this period. The recent growth in the IT industry can be explained by good financial performance over the past few months and the general upward trend of technology companies worldwide. Additionally, there are signs suggesting that the US Federal Reserve might stop increasing interest rates soon.

TCS witnessed a 5.13% rise in its stock price on Friday and a 2.47% rise on Thursday, contributing Rs 92,135 crore to its market capitalization in just two days. Infosys also experienced a 4.4% increase on Friday and a 2.4% increase on Thursday, resulting in a market cap growth of Rs 38,181 crore in the same two-day period.

Despite HCL Technologies reporting lower earnings in the previous session, it saw a 3.80% rise on Friday, adding Rs 11,194 crore to its market capitalization. Wipro observed a 2.69% increase on Friday and a 0.7% increase on Thursday, adding approximately Rs 17,888 crore to its market value. LTIMindtree and Tech Mahindra also saw their market capitalization grow by Rs 8,292 crore and Rs 6,687 crore, respectively.

HCL Tech maintained its revenue growth projection of 6-8% YoY in constant currency terms for the fiscal year 2024. It also expects the EBIT margin to remain in the range of 18-19%, similar to its previous guidance. However, analysts believe achieving these targets may be challenging. Wipro, on the other hand, provided a revenue guidance of $2,722 million to $2,805 million for the ongoing September quarter, indicating a sequential growth of -2% to 1% in constant currency terms. This is an improvement compared to the -3% to -1% growth seen in the March quarter. TCS, however, does not provide guidance, but it reported strong deal wins.

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