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TCS becomes first Indian IT company to cross $100 bn in market-cap

Read more about TCS becomes first Indian IT company to cross $100 bn in market-cap on Business Standard. In terms of market capitalisation, TCS has the largest market-cap and is ahead of companies like Reliance Industries, HDFC Bank, ITC, Hindustan Unilever

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TCS becomes first Indian IT company to cross $100 bn in market-cap

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  1. TCS becomes first Indian IT company to cross $100 bn in market-cap In terms of market capitalisation, TCS has the largest market-cap and is ahead of companies like Reliance Industries, HDFC Bank, ITC, Hindustan Unilever Tata Consultancy Services (TCS) has become the first Indian $100 billion- dollar company in terms of market capitalisation (market-cap) in the IT pack, after the stock hit a new high on Monday in intra-day trade. The counter hit a new high of Rs 3,557, up 4.4% in intra-day trade, extending its Friday’s 6.7% surge, as the company reported better-than-expected March quarter earnings in post market hours on Thursday. TCS also announced 1:1 bonus shares i.e. one bonus shares of Rs 1 face value each for every share held in the company to its investors. Also Read: After 12 quarters, TCS sees double-digit growth in dollar revenue in Q4

  2. The 11% rise in the company’s scrip in past two trading days helped it cross Rs 6.81 trillion ($103 billion) in market-cap at around 10:33 am, the BSE data shows. The rupee was trading at 66.21 against the US dollar. However, at the end of Monday's trade, the market-cap dipped below $100 billion level (Rs 6.54 trillion) to $ 98.44 billion as the stock erased its entire morning gains to end flat at Rs 3,415. TCS currently accounts for 11% of the total market-cap of the S&P BSE Sensex of Rs 60.81 trillion. Track the stock price here In terms of market capitalisation, TCS raks ahead of Reliance Industries, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. In its recent report, analysts at Nomura, however, have maintained a reduce rating on the stock with a target price of Rs 2,750. "We retain Reduce as we find valuations expensive at ~20x FY20F and see risk to street expectations of ~double-digit constant currency (CC) revenue growth and flattish margins. Our caution stems from: 1) large segments US/BFSI remaining weak, growing at low- to mid-single digits y-y, with clarity on BFSI still a quarter away amid risks from insourcing at large US Banks," Ashwin Mehta and Rishit Parikh of Nomura said in a recent report.

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