TCS shares flat ahead of Q4 results; investors watch for AI progress, deal TCV

by Hansraj Agrawal | Apr 9, 2026 | Share Market

TCS share price today: Shares of IT services major Tata Consultancy Services (TCS) were in focus ahead of the company’s announcement of its earnings for the January-March quarter of fiscal 2026 (Q4FY26). The IT sector is expected to have a subdued quarter, with revenues likely to remain flat due to the ongoing geopolitical situation, as a significant portion of clients is based overseas.

Around 11:00 AM, the Tata Consultancy Services (TCS) stock was trading almost flat at ₹2,566.60, up 0.3 per cent from the previous session’s close at ₹2,559.20 on the National Stock Exchange. In comparison, the benchmark NSE Nifty50 was quoting at 23,857.05 levels, down 140.30 points or 0.58 per cent. The Nifty IT index was trading at 31,292.35 levels, down 0.87 per cent.

TCS Q4 Results: Earnings expectations

Analysts at Equirus Securities expect a subdued quarter for TCS in Q4FY26, with US dollar revenue projected to grow just 1.3 per cent quarter-on-quarter (Q-o-Q) in constant currency (CC) terms, including 0.9 per cent organic CC growth. While the India business is expected to see a Q-o-Q dip, the international segment is likely to register stronger growth, with 1.7 per cent CC and 1.3 per cent organic Q-o-Q growth.

According to the brokerage, earnings before interest and tax (Ebit) margins are expected to improve by 24 basis points (bps), supported by Rupee (INR) depreciation against the US dollar and cost/productivity gains, which should offset headwinds from wage hikes for mid-to-senior staff and ongoing investments. It also expects a healthy total contract value (TCV) for deals on a Q-o-Q basis.

Key areas to watch include demand trends across BFSI, retail, communications, hi-tech, and other verticals, the impact of macroeconomic volatility and tariff issues on client spending, large/mega deal pipelines, pricing trends, and guidance for CY26/FY27 and beyond. Updates on TCS’s data centre business and growth strategies will also be closely monitored, the brokerage said in its note.
READ | TCS Q4 preview: Profit may rise 14% YoY; AI, deal wins key monitorables

Analysts at Kotak Institutional Equities expect the IT major to report 1.2 per cent Q-o-Q growth in CC terms, with 0.8 per cent from organic growth and a 40 bps contribution from the Coastal Cloud acquisition. The brokerage sees faster growth in international business, while the India business may decline slightly. Ebit margins are expected to remain stable, as headwinds from wage revisions and the Coastal Cloud acquisition are likely offset by rupee depreciation.

Deal TCV is projected at $9-10 billion, down 22 per cent Y-o-Y due to the absence of mega-deal closures, though largely stable Q-o-Q. Investors are watching for TCS’s progress in agentic AI and its impact on AI deflation assumptions, the timeframe for growth convergence with peers, GCC ramp-up as a growth lever, planned data centre investments, strategic areas for inorganic expansion, and margin aspirations amid elevated competitive intensity.

Axis Securities expects TCS to report revenue of ₹68,814 crore, up 2.6 per cent Q-o-Q and 6.7 per cent Y-o-Y, driven by growth in BFSI, hi-tech, and cross-currency tailwinds. Ebit is projected at ₹17,479 crore, reflecting a 3.5 per cent Q-o-Q and 11.6 per cent Y-o-Y growth, with margins improving 23 bps Q-o-Q to 25.4 per cent.

According to the brokerage, profit is estimated to stand at ₹13,676 crore, up 27.6 per cent Q-o-Q and 11.2 per cent Y-o-Y, translating into an EPS of ₹37.8, compared with ₹34 in Q4FY25. Key aspects to watch include the deal pipeline, vertical-specific commentary, and the outlook for FY27, it added.

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Government cuts airport charges by 25% to support domestic airlines

by Hansraj Agrawal | Apr 9, 2026 | Share Market

Last Updated : Apr 09 2026 | 10:50 AM IST

The government on 8 April 2026 announced relief measures for domestic airlines amid global disruptions. Civil Aviation Minister Ram Mohan Naidu said landing and parking charges will be reduced by 25%.

The Ministry of Civil Aviation said the move comes as global aviation faces pressure from the ongoing West Asia crisis. Rising crude oil prices have pushed Aviation Turbine Fuel costs sharply higher.

The Ministry has directed the Airports Economic Regulatory Authority to implement the cut at major airports. The reduction has come into effect immediately and will remain in place for three months.

The Airports Authority of India has been asked to implement a similar reduction at non-major airports. The benefit will apply to all domestic flights over the same period.

The government said the measures are expected to reduce airlines expenses by around Rs 400 crore. This is aimed at helping carriers manage rising operational costs.

Naidu said the government is focused on keeping air travel affordable and operations stable. He added that fare increases are being contained despite a sharp rise in global fuel prices.

The Ministry said it remains in close contact with airlines and airport operators. It added that further steps may be taken depending on the evolving situation.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Apr 09 2026 | 10:50 AM IST

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P N Gadgil Jewellers shares gain 4% in trade; MOFSL says Buy for 17% upside

by Hansraj Agrawal | Apr 9, 2026 | Share Market

Shares of jewellery retailer P N Gadgil Jewellers traded higher on the bourses on Thursday, rising as much as 3.90 per cent to hit an intraday high of ₹640 per share during early trade on the NSE.

The stock, however, pared some gains as the session progressed. At 9:35 AM, shares of P N Gadgil Jewellers were trading at ₹620.95 apiece, up 0.81 per cent from the previous close of ₹615.95 on the NSE. The benchmark Nifty50, meanwhile, was trading lower by 91 points, or 0.38 per cent, at 23,905 levels.

The upward movement in the company’s share price followed its business update for the fourth quarter of FY26 and the full financial year, announced on April 8. Since then, the stock has gained nearly 8 per cent over the last two trading sessions.
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P N Gadgil Jewellers announces business update

In an exchange filing, P N Gadgil Jewellers reported an exceptional performance for FY26, with revenue rising 40 per cent year-on-year (Y-o-Y) to ₹10,744 crore, marking a significant milestone in its growth journey. The strong showing was aided by an outstanding fourth quarter, during which total revenue surged 124 per cent Y-o-Y.

The retail segment recorded 102 per cent Y-o-Y growth in Q4FY26, supported by strong demand during the wedding and festive season. Franchise operations grew 132 per cent Y-o-Y, while e-commerce posted a 67 per cent Y-o-Y increase. Total revenue, excluding other segments, rose 104 per cent Y-o-Y during the quarter.

Foundation Day sales stood at ₹365 crore, with contributions across categories. This was followed by strong festive demand during Gudi Padwa, with sales of ₹171 crore, reflecting a 38 per cent Y-o-Y growth. Gratitude Day sales, commemorating the ₹10,000 crore milestone, came in at ₹225 crore.

Despite rising gold prices, volumes remained strong. Gold volumes increased 27 per cent Y-o-Y, while silver and diamond volumes rose 37 per cent and 125 per cent Y-o-Y, respectively. This drove the studded jewellery mix, with the stud ratio reaching 9 per cent.

Same-store sales growth (SSSG) for the quarter stood at 86 per cent Y-o-Y, indicating robust customer traction across existing locations.

During the quarter, the company added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO stores (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31, 2026. The network includes 57 COCO stores (48 Legacy and 9 LiteStyle) and 21 FOCO stores (17 Legacy and 4 LiteStyle).

Expansion efforts included strengthening its presence in Maharashtra and entering new markets in Uttar Pradesh with store openings in Gorakhpur and Varanasi.

Additionally, the company’s long-term rating was upgraded to IND A+/Stable from IND A, while the short-term rating was reaffirmed at IND A1.

The company said it plans to maintain its expansion momentum, targeting the opening of 25 new stores, with a strategic focus on scaling franchise formats alongside company-owned outlets. “We contnue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year. We are targetng revenue of ₹13,500 crore, implying a growth of 25 per cent Y-o-Y and an Ebitda margin of 7.5 per cent,” said the company in an exchange filing.

MOFSL maintains ‘Buy’

Analysts at Motilal Oswal Financial Services have retained their ‘Buy’ rating on the stock following the pre-quarterly update for Q4FY26. The brokerage has set a target price of ₹750 per share, citing a beat on revenue estimates.

The target price implies an upside potential of 17.18 per cent from the current market price.

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(Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.)

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Oil price rises on lingering Hormuz disruption, shaky US-Iran ceasefire

by Hansraj Agrawal | Apr 9, 2026 | Share Market

Oil prices rose on Thursday on investors’ concerns supply from the key Middle East producing region may not fully resume amid doubts the two-week ceasefire between the US and Iran will hold and as the crucial Strait of Hormuz remains restricted.

Brent crude futures were ‌up $2.6, or 2.74 per cent, at $97.35 a barrel at 0048 GMT, while US West Texas Intermediate (WTI) crude rose $3.02, or 3.2 per cent, to $97.43 a barrel.

Both benchmark prices fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since April 2020 on expectations the ceasefire ending the fighting between the US and Israel against Iran would reopen the Strait of Hormuz.

The waterway connects supply from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets and typically carries about 20 per cent of oil supply.

Still, questions about the viability of the ceasefire remain as Israel continued to attack Lebanon on Wednesday, causing ‌Iran to suggest it would be “unreasonable” to proceed with talks to forge a permanent peace deal.

Shippers on Wednesday also said they needed more clarity on the terms of the ceasefire before resuming transit through the Strait of Hormuz. Iran has issued maps to guide ships around mines in the waterway and designated safe paths for passage in coordination with the country’s Revolutionary Guards, Iranian media reported.

“Transit through the Strait of Hormuz is not suddenly risk-free. It remains at Iran’s discretion,” analysts at Standard Chartered said in a note.

“Logistic disconnects, security fears, elevated insurance premiums and ‌operational constraints mean that very little additional energy is likely to be supplied via the Strait of Hormuz in the next two weeks.”

Regional oil facilities also remain under threat, with Iran ‌striking sites in nearby countries after the ceasefire, including a pipeline in Saudi Arabia that has ‌been used to bypass the blockaded Strait of Hormuz, according to an oil industry source.

Kuwait, Bahrain and the UAE also reported missile and drone strikes.

There are doubts the ceasefire can ‌hold, Haitong Futures said in a note, as Israel’s strikes on Lebanon’s Hezbollah have emerged as a point of contention, while attacks on energy facilities across the Middle East have yet to ‌stop, and conflicting statements persist over the Strait of Hormuz.

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Last chance! These 3 stocks to trade ex-date on April 10; do you own any?

by Hansraj Agrawal | Apr 9, 2026 | Share Market

Shares of Jash Engineering, Puretrop Fruits, and R M Drip and Sprinklers Systems are likely to remain in the spotlight during today’s trading session following their corporate announcements such as dividend, rights issue, and bonus issue of equity shares.

According to BSE data, Jash Engineering shares are set to trade ex-date tomorrow, April 10, as the company has announced dividend rewards for its shareholders, while Puretrop Fruits shares will go ex-date tomorrow for the announcement of a rights issue of equity shares. R M Drip and Sprinklers Systems, meanwhile, will trade ex-date for a bonus issue.

Investors willing to claim these benefits must own the respective stocks on or before the set ex-date to become eligible. The companies, however, set the final list of shareholders based on the record date.

Jash Engineering has decided to reward its shareholders with an interim dividend of ₹0.60 per share. The company has set April 10, 2026, as the record date to determine the entitlement and names of equity shareholders for the dividend payout.

R M Drip and Sprinklers Systems has announced that its board has approved the issuance of bonus equity shares in the ratio of 5:7 — five new fully paid-up equity shares of ₹1 each for every seven existing fully paid-up equity shares of ₹1 each, subject to shareholder approval through postal ballot and requisite regulatory clearances. The company has revised the record date to April 10, 2026. The deemed date of allotment will be April 13, 2026, the next working day following the record date.

Puretrop Fruits, meanwhile, has informed the exchanges that its board has approved the proposal of buyback of 11,00,000 fully paid-up equity shares of the company of face value of ₹10 each at a price of ₹200 per equity share payable in cash for a total consideration not exceeding ₹22,00,00,000, excluding transaction costs, through the tender offer process using the stock exchange mechanism as prescribed under the Buyback Regulations.

Puretrop Fruits has fixed Friday, April 10, 2026, as the record date to determine the entitlement and names of equity shareholders who shall be entitled to participate in the proposed buyback of equity shares of the company.

Besides these, shares of Automobile Products of India will remain in the spotlight as they are set to trade ex-date today following the announcement of a rights issue for their shareholders.

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Looking to buy? These 3 stocks deserve a spot in your portfolio; here's why

by Hansraj Agrawal | Apr 9, 2026 | Share Market

2 min read Last Updated : Apr 09 2026 | 6:46 AM IST

Stock recommendations by Kunal Kamble, Bonanza Portfolio

Adani Energy Solutions

Adani Energy Solutions Ltd is showing a strong bullish setup as price has recently broken above the descending trendline, signaling a potential trend reversal. The stock is forming higher lows within an ascending channel, indicating steady accumulation. It is trading above key moving averages (shortterm EMAs and 200 EMA), reflecting improving momentum and trend strength. The recent breakout is supported by strong volume expansion, confirming buying interest.

Buy Range: ₹1,077

Stop Loss: ₹1,013

Target: ₹1,187

Titan Company

Titan Company Limited is exhibiting a strong bullish trend, trading within a well-defined ascending channel supported by consistent higher highs and higher lows. The stock has recently taken support near the lower trendline and bounced sharply with strong bullish candles, indicating renewed buying interest. Prices are sustaining above key moving averages, including the 200 EMA, reflecting longterm strength. Volume participation on the upside adds conviction to the move.

Buy Range: ₹4,493

Stop Loss: ₹4,260

Target: ₹4,940

APL Apollo Tubes

APL Apollo Tubes Limited is showing signs of base formation after a sharp correction, with price consolidating in a defined range near key support levels. The stock has held above the 200 EMA, indicating long-term strength remains intact. A recent bullish candle with improving RSI (moving above 50) suggests momentum is turning positive. The consolidation zone between 1,860–2,050 indicates accumulation, and a breakout above 2,050 can trigger fresh upside.

Buy Range: ₹2,051

Stop Loss: ₹1,947

Target: ₹2,256

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(Disclaimer: This article is by Kunal Kamble, senior technical research analyst, Bonanza Portfolio. Views expressed are his own.)

First Published: Apr 09 2026 | 6:46 AM IST

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