TCS becomes first Indian technology firm to hit $100 billion in market capitalisation
The company’s shares have risen ever since it announced the earnings for the January-March quarter last week.
The market capitalisation of Tata Consultancy Services touched the $100-billion (Rs 6.62-lakh-crore) mark on Monday as its shares continued to rise after the company reported higher-than-expected earnings for the January-March quarter last week.
In earnings released on Thursday, Tata Consultancy Services had reported a 4.5% year-on-year rise in its net profit, to Rs 6,904 crore in January-March.
The company is the first Indian information technology firm to reach the mark, according to BloombergQuint. It had touched the $25-billion mark in 2010 and $75-billion mark in 2014. Reliance Industries Limited was the first Indian company to cross $100 billion in 2007, but its market capitalisation is now $89.36 billion, Mint reported.
At 9.49 am, the market value of Tata Consultancy Services was Rs 6.63 lakh crore, The Economic Times reported.
At 11.25 am, the company’s shares were up 2.7% since Friday’s close, to reach Rs 3,494.95. Its shares have risen almost 10% in the last two trading sessions.