Infosys hits $100 billion m-cap, fourth Indian firm to reach milestone
The shares of Information Technology major Infosys hit a record high during intra day trading on Tuesday, which helped the company cross $100 billion in market capitalisation. Infosys is the fourth Indian company to achieve this milestone.
The Sensex too rose above 100 points tracking gains in Infosys, Tata Steel and Reliance Industries amid a positive trend in global equities.
Reliance Industries (m-cap of $140 billion), Tata Consultancy Services (m-cap $115 billion) and HDFC Bank (m-cap $100.1 billion) are the other Indian firms in the club with Infosys.
The shares of Infosys reached ₹1,755.60 apiece on the Bombay Stock Exchange (BSE) on Tuesday morning, which pushed the company's m-cap to ₹7.44 trillion or $100 billion.
Infosys has been one of the fastest growing companies in India, providing business consulting, information technology and outsourcing services. In the quarter ending June 2021, Infosys reported a net consolidated profit of ₹5,195 crore, showing a growth of 2.3 per cent.
Recently, Infosys raised its revenue growth for fiscal year 2022 to 14-16 per cent from 12-14 per cent earlier. Revenue in the June quarter rose 18% year-on-year to Rs27,896 crore, aided by strong growth across segments, according to Livemint.
Meanwhile, seven of the 10 most valued domestic companies together added ₹1,31,173.41 crore in market valuation last week. Hindustan Unilever Limited (HUL) and TCS emerged as the biggest gainers.
While the m-cap of HUL rose to ₹6,15,016.63 crore, the valuation of TCS jumped ₹35,344.44 crore to reach ₹13,15,919.03 crore.
Reliance Industries Limited maintained its position as the most valued Indian company, followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, State Bank of India (SBI) and Wipro.