TCS becomes first Indian company to achieve $100 billion market value

TCS becomes first Indian firm to cross $100 bn in market cap pips Accenture

The Mumbai based-IT firm has crossed the market capitalisation of NYSE-listed fortune 500 company Accenture ($98.60 bn).

The 10% rise in the company's scrip in past two trading days helped it cross Rs 6.69 trillion ($101 billion) in market-cap at 09:55 am, the BSE data shows.

"It's a special moment, a moment we have been waiting for", Economic Times quotes Tata Group Chairman N Chandrasekaran as saying, adding that he always believed that the opportunity in tech space and TCS is very large.

Incidentally, the market capitalisation of TCS is more than two-and-a-half times that of Infosys, which is now valued at $38.7 billion.

As of 10:15 am, TCS shares traded 4.21 per cent higher at Rs 3,549.95 apiece compared to a 0.40 per cent gain in the broader Nifty.

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On the BSE, TCS was the top gainer among the Sensex pack, surging 6.76%, or Rs. 215.75, to close at a new high of Rs. 3,406.40. TCS, part of salt-to-software conglomerate Tata group, reported Rs. 32,075 crore as income from operations - a rise of 8.2 per cent from a year ago. Net profit eased to 5.7% to $1.07 billion in the March quarter from $1.01 billion in the preceding three months.

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.

TCS net profit dipped by 1.7 per cent to Rs 25,826 crore for the financial year 2017-18, while revenue rose by 4.3 per cent to Rs 1.23 lakh crore. TCS shares surged as much as 4.5 per cent to an intraday high of Rs 3,557 on Monday resulting in a market capitalisation of over Rs 6.8 lakh crore or $100 billion.

Prabhudas Lilladher said TCS is now trading at par with Accenture on the valuation front (versus 18 percent discount to Accenture trades three months ago). "We're glad to announce we're back to double digit trajectory on dollar revenue growth", Mr Gopinathan had said. Its recent deal wins have also been strong, and it appears to be transitioning to digital services well. The board recommended a 1:1 bonus share issue.


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