TCS first Indian IT company to hit $100 bn mark in m-cap

New Delhi, April 23 

Tata Consultancy Services (TCS) on Monday breached the $100-billion mark in market valuation (m-cap), but slipped below the coveted milestone at close of session.

In the morning trade, the company’s market capitalisation (m-cap) hit over $100 billion (Rs 6,80,912.10 crore), becoming the first Indian IT firm to cross this mark. At the close of trade, however, the m-cap declined to $98.8 billion (Rs 6,53,767.50 crore).

Reliance Industries had breached the $100 billion m-cap mark on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The rupee has weakened considerably since then and was at Rs 66.16 against the US dollar in the morning trade.

Shares of the IT major rose by 4.42% to a record high of Rs 3,557 in intra-day trade on the BSE on Monday. The stock later gave up most of its early gains and ended flat at Rs 3,415.20, up 0.26%.

On the NSE, TCS shares settled at Rs 3,408.65, up 0.18%.

In terms of equity volume, 5.06 lakh shares of the company were traded on the BSE and over 75 lakh shares changed hands at the NSE during the day.

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 $100 billion milestone at Rs 6,52,082.92 crore.

The stock has been gaining for the third straight session on Monday, rising 8% and added Rs 48,948.5 crore to its market valuation.

So far this year, shares of the company have risen by 26.5%. The IT major accounts nearly 11% of the total Sensex m-cap of Rs 6,081,286.82 crore.

TCS is the country’s most-valued firm followed by Reliance Industries Ltd with a m-cap of Rs 5,92,427.82 crore, HDFC Bank (Rs 5,01,643.92 crore), ITC (Rs 3,35,801.17 crore) and Hindustan Unilever Ltd (Rs 3,14,938.94 crore) in the top-five list.

The company on April 19 reported a 4.4% rise in March quarter net profit at Rs 6,904 crore.

The Tata Group flagship, which contributes around 85% of the group’s profit, reported a revenue growth of 8.2% 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%.

It 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. — PTI

Coveted milestone 

• In the morning trade, the company’s market capitalisation (m-cap) hit over $100 billion (Rs 6,80,912.10 crore), becoming the first Indian IT firm to cross this mark
• However, it slipped below the coveted milestone at the close of session and ended the day at $98.8 billion
• Shares of the IT major rose by 4.42% to a record high of Rs 3,557 in intra-day trade on the Bombay Stock Exchange on Monday. It later gave up most of its early gains and ended flat at Rs 3,415.20, up 0.26%
• Reliance Industries (RIL) had breached the $100 billion market-capitalisation mark on October 18, 2007