TCS m-cap nears $100 bn

New Delhi, April 20

TCS moved closer to the $100 billion-mark in market capitalisation (m-cap) as its share price surged nearly 7% on Friday, adding about $6.2 billion to its valuation.

The IT major is set to be the first listed Indian company to achieve this milestone. Led by the smart rally in the stock, the company’s market cap moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore ($98.8 billion). This is Rs 7,917.08 crore short of the $100 billion-mark.

TCS market valuation had in January 24 this year surged past the Rs 6 lakh crore-mark.

The stock jumped 6.76% to settle at Rs 3,406.40 on the BSE on Friday. During the day, it soared 7.22% to its 52-week high of Rs 3,421.25.

On the NSE, shares of the company rose sharply by 6.62% to close at Rs 3,402.45. It was the biggest gainer on both Sensex and Nifty.

In terms of equity volume, 7.72 lakh shares of the company were traded on the BSE and over 92 lakh shares changed hands on the NSE during the day.

TCS is the leading the chart as the most- valued firm followed by Reliance Industries Ltd (Rs 5,87,929 crore), HDFC Bank (Rs 5,08,884 crore), ITC (Rs 3,36,777 crore) and HUL (Rs 3,17,211 crore) in the top-five list.

“TCS reported better-than-expected quarterly numbers,” Emkay Global Financial Services said in a report.

Buying was also seen in other IT counters, with Tech Mahindra rising 5.34%, HCL Technologies 4.67%, Infosys 4.02% and Wipro 2.31% on the BSE. Led by the sharp gains in these stocks, the BSE IT index gained 4.80% to end at 13,335.13.

Stating that fiscal 2017-18 has been a “sobering year” on slower revenue growth, the nation’s largest software exporter TCS on Thursday reported a 4.4% rise in March quarter net profit at Rs 6,904 crore. — PTI