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TCS first Indian IT firm to cross $100 bn market capital

Author: PTI/Tuesday, April 24, 2018/Categories: Corporate

TCS first Indian IT firm to cross $100 bn market capital

New Delhi, Apr 23 - Tata Consultancy Services (TCS) April 23 became the first Indian IT company to cross the USD 100 billion mark in market valuation.

The IT bellwether's market capitalisation went past USD 100 billion (Rs 6,80,912.10 crore) in morning trade and is only the second Indian firm to cross this milestone.

Shares of TCS climbed 4.42% to a record high of Rs 3,557 apiece in intra-day trade on the BSE. However, it gave up the most of its early gains and ended the day almost flat at Rs 3,415.20. At close, the company's market valuation declined to 

USD 98.8 billion (Rs 6,53,767.50 crore).

This is the first time in more than a decade that a domestic firm has crossed the milestone after Reliance Industries' market capitalisation crossed USD 100 billion on October 18, 2007.

On the NSE, TCS shares settled at Rs 3,408.65, up 0.18%.

In terms of equity volume, 5.06 lakh shares of the company were traded on BSE and over 75 lakh shares changed hands at NSE during the day.

Over the years, the rupee has weakened considerably against the US dollar. The market valuation of TCS has been calculated on the basis of morning exchange rate of Rs 66.16 against the dollar.

On market capitalisation of TCS crossing USD 100 billion mark, Tata Sons Chairman N Chandrasekaran said it is a proud moment for "all of us".

"TCS has been able to create value consistently by making the right investments not only in terms of technology, but also in terms of creating capabilities, building leadership and talent, seeding new markets and developing scalable world class solutions," he said.

Thanking shareholders for their continued support, he also said in a message posted on the Twitter handle of Tata Group that the digital era is going to be a large opportunity for TCS.

 Chandrasekaran had also served at the helm of the software major for a long time.

Interestingly, TCS' market capitalisation is higher than the total m-cap of all the listed companies on the Pakistan Stock Exchange (PSX) .

 As on April 19, 2018, the total number of listed companies stood at 559 on the exchange, as per the exchange data. Total market capitalisation of these stocks was 9,325,897.91 Pakistani rupee (USD 80 billion).

"I salute @TCS for contributing to 5% of our GDP n becoming India's first USD 100 bn mkt cap co. A truly global milestone that makes every Indian proud! @RNTata2000," Biocon Chairman and Managing Director Kiran Mazumdar Shaw said in a tweet.

 At the end of Friday's trading session, TCS commanded a market capitalisation of Rs 7,917.08 crore, just short of the USD 100 billion milestone at Rs 6,52,082.92 crore.

The stock gained for the third straight session today, rising 8% and added Rs 48,948.5 crore to its market valuation, following good quarterly financial results.

So far this year, shares of the company has risen by 26.5%. The IT major accounts nearly 11% of the total Sensex market capitalisation of Rs 6,081,286.82 crore.

"Proud moment for India. A landmark which will be viewed seriously by global investors. Becoming the 64th company in the world to touch the coveted mark is no mean achievement," said VK Vijaykumar, Chief Investment Strategist, Geojit Financial Services.

The nation's largest software exporter TCS on April 19 reported a 4.4% rise in March quarter net profit at Rs 6,904 crore.  The Tata group flagship, which contributes around 85% of the group's profit, reported a revenue growth of 8.2% at Rs 32,075 crore for the three months to March.

TCS is the country's most valued firm followed by Reliance Industries with a market valuation of of Rs 5,92,427.82 crore, HDFC Bank (Rs 5,01,643.92 crore), ITC (Rs 3,35,801.17 crore) and Hindustan Unilever Ltd (Rs 3,14,938.94 crore) in the top-five list.

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Kavita Giridhar Mallya

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