Shares of Tata Consultancy Services (TCS) today surged over 4 per cent, following which the IT major became the first listed Indian company to hit a market capitalisation of over $100 billion (Rs 6,80,912.10 crore).

After opening the session at Rs 3,429, the stock jumped 4.39 per cent to touch an intra-day high of Rs 3,557 on the BSE. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore.

On the NSE, the stock jumped 4.56 per cent to Rs 3,557.90.However, the company shares ended down by 0.2 per cent at Rs 3,395.90. On the BSE, the stock closed up by 0.26 per cent at Rs 3,415.20.

At the end of Friday’s trading session the 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 was the biggest gainer on both benchmark indices -- BSE and NSE.

The country’s largest software exporter had on April 19 reported a 4.4 per cent rise in March quarter net profit at Rs 6,904 crore.

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

“With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is a 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.

TCS 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. It has given out close to Rs 26,000 crore to the shareholders via dividend and bonus.

Related Topics