TCS' market cap briefly breaches $100b mark

TCS shares rose 2.65% on Monday to Rs3,496

Mumbai- Riding high on robust quarterly results and a weak rupee, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed technology company to cross the $100-billion mark in terms of market capitalisation (m-cap).

"It is a very proud moment for all of us", Tata Sons Chairman N Chandrasekaran said in a statement. With this, TCS has become the first Indian tech company to cross $100 billion in market capitalization. TCS shares rose today by 4 per cent to Rs 3,541, pushing the market capitalisation of India's biggest outsourcer to Rs 6,78,002 crore.

At the end of Friday's trading session the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the USA $100 billion milestone at Rs 6,52,082.92 crore.

On NSE, the stock jumped 4.56 percent to Rs 3,557.90. At present, RIL has a market cap of Rs5.94 crore, which is less than that of TCS by over Rs70,000 crore. "I would like to thank our shareholders for their continued support".

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The increase in the TCS capital came after it reported a net profit of Rs 6925 crore, a 4.5 percent increase in its net profit in the fourth quarter (January-March).

"TCS had surged by almost 7 per cent on Friday, making investors richer by over Rs 40,000 crore in a day". TCS' market value has surpassed global outsourcing and consultancy major Accenture whose market cap is $98.20 billion.

TCS's four industry verticals, including oil and gas, healthcare and life sciences, communication and media and travel and hospitality, reported double-digit growth, thereby helping the company end the year on a strong footing. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.

The company also declared total dividend of Rs 50 per share, including Rs 29 per share final dividend and Rs 21 interim dividend for the fiscal under review (FY 2018), which translates into a record 5,000 per cent per annum. "TCS has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year", Desai told IANS. These new converging technologies have pushed the customers away from the labor-intensive back-office programming functions, thereby making it more challenging for TCS to run its IT business operations more effectively. TCS has a great connect with its clients, great execution capabilities and a solid focus on future growth, said senior immigration consultant Janvi Mathur.