TCS may touch $100 bn mark in market cap

Tata Consultancy Services (TCS) has moved closer to the $100 billion mark in market capitalisation as its share price surged nearly seven percent on Friday, adding about $6.2 billion to its valuation, PTI reported.

The Indian IT services company is set to be the first listed Indian company to achieve this milestone.
TCS Netherlands
The top Indian software exporter company’s market cap moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore or $98.8 billion. This is Rs 7,917.08 crore short of the $100 billion mark.

TCS market valuation had in January 24 this year surged past the Rs 6 lakh crore mark.

The stock jumped 6.76 percent to settle at Rs 3,406.40 on BSE today. During the day, it soared 7.22 percent to its 52-week high of Rs 3,421.25.

On NSE, shares of the company rose sharply by 6.62 percent to close at Rs 3,402.45.The stock was the biggest gainer on both Sensex and Nifty.

In terms of equity volume, 7.72 lakh shares of the company were traded on BSE and over 92 lakh shares changed hands on NSE during the day.

TCS is the leading the chart as the most valued firm followed by Reliance Industries (Rs 5,87,929.90 crore), HDFC Bank (Rs 5,08,884.23 crore), ITC (Rs 3,36,777.52 crore) and HUL (Rs 3,17,211.69 crore) in the top-five list.

Buying was also seen in other IT counters, with Tech Mahindra rising 5.34 percent, HCL Technologies 4.67 percent, Infosys 4.02 percent and Wipro 2.31 percent on BSE.

BSE IT index gained 4.80 percent to end at 13,335.13.

The Tata group flagship, which contributes around 85 percent of the group’s profit, reported a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March.

TCS also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.