Mumbai:IT bellwether Tata Consultancy Services (TCS) emerged Monday as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).
Around 11am, the m-cap of the company stood at Rs 675,934.95 crore or $101.60 billion on the BSE. Shares of the company rose over four per cent to a new high of Rs 3,557 per share.
Friday, the IT major’s shares rose over seven per cent to Rs 3,419.80 per share, taking its m-cap to over Rs 6.50 lakh crore or around $98 billion – close to the $100 billion mark.
The company’s shares had surged a day after its quarterly results announcement, which reported a net profit for Q4 at Rs 6,925 crore – up 4.6 per cent – from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago. It also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.
Tata Group Chairman N Chandrasekaran, said in a statement that it is a very important moment for TCS. “It’s a special moment, a moment we have been waiting for. I’ve always believed that the opportunity in tech space and TCS is very large,” said Chandrasekaran.
In a message to the shareholders, Chandrasekaran said TCS is focussed on continuously creating value. “TCS will continue to do very well in the coming months and quarters,” he stated.
It must also be stated here that the Tata group flagship, which contributes around 85 per cent of the group’s profit, reported a revenue growth of 8.2 per cent 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 per cent.
Agencies