Shares of Tata Consultancy Services (TCS) gained as much as 2.9 per cent to hit a record high of Rs 1,928.7 after its posted better-than-expected results for the quarter ended June 2018.The IT major on Tuesday reported Rs 7,340 crore consolidated net profit for the first quarter of fiscal 2018-19, registering 23.5 per cent annual and 6.3 per cent sequential growth.In a regulatory filing to the BSE, IT firm said consolidated revenue for the quarter (Q1) under review grew 15.8 per cent annually and 6.8 per cent quarterly to Rs 34,261 crore.Jefferies upgraded the stock to buy from hold noting best growth prospects amongst Tier-1 IT firms, raising target price to Rs 2,140 from Rs 1,600 earlier.India's biggest software services firm, Tata Consultancy Services Ltd (TCS), expects growth in its banking, financial services and insurance (BFSI) units to remain strong in the next one to two years as it posted a record net profit, helped by a rebound in the key division.Operating margin remained flat at 25 per cent as in the previous quarter (25.4 per cent).Digital business contributed 25 per cent to the overall revenue and grew a whopping 44.8 per cent YoY, it added.The company added 2 new clients in $100 million billing rate and 13 clients in $5 million band sequentially.