Indian software giant Tata Consultancy Services (TCS) Monday became the country's first listed company to hit market value of 100 billion USA dollars.
Shares of the company rose over four per cent to a new high of Rs 3,557 per share. 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.
Ten years ago, the Reliance Industries, the largest conglomerate of India, had become the first company from the country to breach Dollars 100 billion mark. Currently, RIL's market cap is at $89.36 billion, reports Mint.
The Tata group flagship, which contributes around 85 percent of the group's profit, reported a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March. "I would like to thank our shareholders for their continued support", N. Chandrasekaran, chairman of Tata Sons, said.
The Nifty IT index hit an all-time high on Monday.
At the end of Friday's trading session the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the United States $100 billion milestone at Rs 6,52,082.92 crore. At 10:30 am, the stock was trading 4.07% or 138 points higher at Rs 3,545 level.
Ravens-Snead, 1st Ld-Writethru,173
In the prior two seasons, Snead had a combined 141 receptions for 1,879 yards and seven touchdowns in a crowded Saints offense. The move was expected since the Saints signed Cameron Meredith to a similar two year deal and resigned veteran Brandon Coleman.
TCS' m-cap value matches that of other worldwide stock-market players such as Accenture, United Technologies, GlaxoSmithKline PLC, Lockheed Martin, Nike and Volkswagen AG.
So far this year, shares of the company have risen by 26.5 per cent. TCS said last week that its business in Europe and the United Kingdom grew by 19% and nearly 11% respectively in the quarter ended March, with North America growing by almost 5% compared to the previous year. It's now outstripped Goldman Sachs Group Inc. and joined the ranks of the world's 100 largest corporations, based on Friday's closing prices.
"TCS reported better-than-expected quarterly numbers", Emkay Global Financial Services said in a report.
"TCS is a unique company".
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.
"For such a large firm in a maturing industry to be able to maintain and even enhance profitability over so many years, and to be able to deliver well above industry revenue growth is no mean feat", Shah said. While TCS holds the top spot among them, companies like Reliance Industries, HDFC Bank, ITC, HUL, HDFC, Maruti Suzuki and Infosys, among others, are also on the list.