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TCS becomes the first Indian IT co to hit $100bn market cap

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Soma Tah
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BANGALORE, INDIA: The largest Indian IT services company Tata Consultancy Services(TCS) today created history by becoming the first Indian IT company to touch the $100 billion(6,63T approx.) market cap, after the stock hit a new high today in intra-day trade on the back of a record quarterly earnings and a weaker rupee.

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Currently, TCS is the country’s most valued company followed by Reliance Industries, HDFC Bank, ITC, and HUL in terms of market capitalization on NSE. TCS has also gone way ahead than its closest rivals Infosys(2.57T) and Wipro(1.33T). Globally, there are only 73 companies in this elite club of $100bn, with Apple, Alphabet, Microsoft, and Amazon in the top four.

The stock hit a new high of Rs 3,557, up 4.4% in intra-day trade. However at the end of the day, the market cap declined to 6,48T.

The rally started after the company reported better than expected earnings for its March quarter last week. TCS on Thursday reported a 4.48% cent YoY rise in the consolidated net profit at Rs 6,904 crore for the March quarter. Consolidated revenue for the quarter rose 8.2% to Rs 32,075 crore.

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"The digital era is going to be a large opportunity for TCS," said N Chandrasekaran, former CEO of TCS and the current chairman of Tata Sons, as he attributed the success to a considerable growth in organizations' digital transformation requiements.

Rajesh Gopinathan, CEO & MD, TCS said, “What is exciting for us is the whole business 4.0 journey and the great opportunity to be a digital partner of choice to our customers in their growth and transformation journey.”

"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," said Chandrasekaran.

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