Business

Tata Consultancy Services Becomes First Indian Company To Cross $100 Billion Market Cap

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| April 23 , 2018 , 18:27 IST

Indian Information Technology giants Tata Consultancy Service (TCS) on Monday created history  by becoming the first Indian company to reach the $100 billion market capitalisation (m-cap) mark.

Around 11 a.m., the m-cap of the company stood at Rs 675,934.95 crore or $101.60 billion on the BSE. Shares of the company rose over four per cent to a new high of Rs 3,557 per share.

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Last week, when the markets closed on Friday, the company was at the verge of the milestone as the m-cap stood at slightly above $99 billion. TCS stock had surged more than 6 per cent on Friday. 

The company's shares had surged a day after its quarterly results announcement, which reported a net profit for Q4 at Rs 6,925 crore — up 4.6 per cent — from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

"With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is definite possibility of double-digit revenue growth. With growth acceleration, scale up in digital and support from currency, margins are ready for uptick as well, implying return of double-digit revenue/earnings growth after 3 years," Edelweiss Research said in a note.