TCS down 1% as stock trades ex-dividend

In the previous month, TCS said it will pay a final dividend of Rs 24 per equity share. This means, for each share of TCS stock that a shareholder owns, they will receive a dividend of Rs 24.

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Shares of Tata Consultancy Services (TCS) fell one percent on June 15 as the stock traded ex-dividend. The company fixed June 15 as the record date for receiving dividend benefits. In the previous month, TCS said it will pay a final dividend of Rs 24 per equity share. This means, for each share of TCS stock that a shareholder owns, they will receive a dividend of Rs 24.

Generally, the price of a stock tends to fall by the amount of the dividend on its ex-dividend date.

At 9:27 am, shares of the technology major were trading 0.8 percent or Rs 26.25 lower at Rs 3,225.50 on the BSE.

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On Wednesday, JP Morgan said that it expects most IT services firms to miss current expectations and place Infosys, TCS and Mphasis on negative catalyst watch.

The foreign brokerage firm has reiterated its negative view across the IT Services universe, and expects every technology services firm to disappoint street expectations in 1Q and current second half of FY24 growth expectations.

Also Read: JP Morgan reiterates negative stance on IT sector, says, ‘every’ company will disappoint

Meanwhile, Motilal Oswal Financial Services noted that despite demonstrating strong resilience, TCS should anticipate the possibility of a moderate full-year revenue growth in FY24 if similar instances of delayed decision-making and cash conservation from clients reoccur.

Yet the domestic brokerage firm believes, considering TCS’s size, order book, and exposure to long duration orders and portfolio, the IT major is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth.

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