Tata Consultancy Services becomes first listed Indian company to hit $100 billion market cap
Shares of Tata Consultancy Services rose by 4.42% to a record high of Rs 3,557 in intra-day trade on BSE on Monday. The stock later gave up most of its early gains and ended flat at Rs 3,415.20, up 0.26%.business Updated: Apr 23, 2018 17:51 IST
Tata Consultancy Services (TCS) on Monday breached the US $100 billion mark in market valuation, but slipped below the coveted milestone at close of session.
In the morning trade, the company’s market capitalisation (m-cap) hit over US $100 billion (Rs 6,80,912.10 crore), becoming the first Indian IT firm to cross this mark.
At close of trade, however, the m-cap declined to US $98.8 billion (Rs 6,53,767.50 crore).
Reliance Industries Ltd had breached the US $100 billion m-cap mark on October 18, 2007. The US dollar at was quoted at Rs 39.59 at that time.
The rupee has weakened considerably since then was at Rs 66.16 against the American currency in the morning trade.
Shares of the IT major rose by 4.42% to a record high of Rs 3,557 in intra-day trade on BSE on Monday. The stock later gave up most of its early gains and ended flat at Rs 3,415.20, up 0.26%.
On 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.
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 USD 100 billion milestone at Rs 6,52,082.92 crore.
The stock has been gaining for the third straight session today, rising 8 per cent and added Rs 48,948.5 crore to its market valuation.
So far this year, shares of the company has risen by 26.5 per cent. The IT major accounts nearly 11 per cent of the total Sensex m-cap of Rs 6,081,286.82 crore.
TCS is the country’s most valued firm followed by Reliance Industries Ltd with a m-cap 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.
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 per cent of the group’s profit, reported a revenue growth of 8.2% at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7%.
It 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.