TCS shares up over 4 p.c. after strong result

BANGALORE, INDIA: Shares in Tata Consultancy Services Ltd rose more than 4 percent on Friday after the top Indian outsourcer posted a market beating 21 percent rise in quarterly profit and said it was seeing strong demand.

Also read: TCS world's fifth best performing IT service

Tata Consultancy, whose clients include Citigroup, General Electric, Lloyds TSB, Ferrari and American International Group, late on Thursday raised its hiring target for 2010/11 by 10,000 to 40,000 reflecting firm demand.

Its shares rose more than 4 percent to 818.70 rupees, while the main stock index was little changed.

Also read: TCS is world's 9th largest software company

JPMorgan said on Friday it had raised its share price target for Tata Consultancy to 915 rupees by March from 850.

Tata Consultancy, part of the Tata Group that spans the commodities, autos and services businesses, said net profit in the June quarter rose to 18.4 billion rupees ($395 million) from 15.2 billion rupees a year ago under U.S. accounting standards.