TCS breaches $100bn valuation

24 April, 2018, 04:41 | Author: Genevieve Gibbs
  • TCS becomes first Indian firm to cross $100 bn in market cap pips Accenture

TCS on Monday created history when its market cap surpassed the crucial United States dollars 100 billion (Rs 6.60 lakh crore) mark.

The shares of the IT behemoth were trading 4 per cent above previous closing mark at Rs 3,504 on the BSE at 1230 hrs, thus hitting an all-time high. In fact, as per ET, all the 559 stocks listed on the Pakistan Stock Exchange are valued at $80 billion - which is still over $40 billion less than the market cap of TCS.

Though TCS breached the $100-billion mark in market valuation in the morning trade, but it slipped below the coveted milestone at close of session. "TCS has been able to create value consistently by making the right investments not only in terms of technology, but also in terms of creating capabilities, building leadership and talent, seeding new markets and developing scalable world-class solutions", Chandrasekaran said in a statement.

The shares have been on an upswing ever since the company reported a 3.8% quarter-on-quarter growth in fourth-quarter revenue at ₹32,075 crore.

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"I would like to thank our shareholders for their continued support", he said. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.

On the NSE, the stock jumped 4.56 per cent to Rs 3,557.90.

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

TCS's market capitalisation makes it among the most valuable global technology companies. Apple tops the list with market cap of United States dollars 840 billion, followed by Alphabet and Microsoft at USD 747 billion and 731 billion, respectively. The company hired 11,500 new employees outside India in the last financial year, Ajoy Mukherjee, vice president of human resources, said in its latest annual report. The last $25 billion+ gap to get to $100 billion took another four years to fill.

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"TCS is a unique company".

The Tata Group company is now the only Indian entity in top 100 global firms.

TCS chief executive officer and managing director Rajesh Gopinathan told Press Trust of India that the company's Business 4.0 strategy involved helping clients undergo digital transformation to streamline operations.

"We expect the IT major's strong processes, execution engine and operational efficiency to drive its performances going forward as well, given that these factors are structural and give it a competitive advantage vs peers", he further said. This was the third time that the company offered bonus shares since its listing in 2004.

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