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Analysts said the surprising strong performance by India's top software services firm by sales helped dispel some gloom surrounding the $60 billion software and services sector.
Tata Consultancy beat expectations by posting a 22 per cent rise in quarterly profit late on Friday, but said the business environment remained weak and there was pressure on fees due to the global economic downturn.
"TCS has continued to make long-term investments, the effect of which is partly visible in the current quarter's performance despite a tough macro," Viju George and Kunal Sangoi, analysts at brokerage Edelweiss, wrote in a report.
By 0627 GMT, shares in Tata Consultancy, which has a market value of more than $17 billion, was up 15.1 per cent at Rs 499.10 after having risen 15.3 per cent to their highest since June 2008. The main market was up 2 per cent.
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