Mumbai: The market valuation of India’s largest software services firm Tata Consultancy Services (TCS) has crossed the Rs 13 lakh crore mark on the back of a rally in the company’s share price in the stock market. According to data available on the website of Bombay Stock Exchange (BSE), the share price of TCS closed at an all-time high of Rs 3552.40 by gaining Rs 80.65 or 2.32 per cent over the previous day trade. With this, TCS has become the second firm in India to cross the Rs 13-lakh crore market valuation milestone. Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) crossed this milestone in July 2020.
At the end of trading on Tuesday, the market capitalisation of RIL stood at 13.69 lakh crore while TCS was at Rs 13.71 lakh crore. Last month, TCS reported a 28.5 per cent jump in June quarter net profit at Rs 9,008 crore. The company, a cash cow for the over USD 100 billion Tata group, said the June quarter results were a tale of two contrasting trends of healthy growth in core markets like the US and segments like banking, and the domestic business being a drag due to the second wave of Covid-19.
It, however, added that even in India, which has traditionally been an insignificant market for the firm, activity is showing some signs of improvement, and exuded confidence of meeting the overall double-digit revenue growth estimate for the financial year 2021-22 announced earlier.
Sensex jumps 210 pts to end at new peak
Equity benchmark Sensex surged 210 points or 0.38 per cent to end at a fresh peak on Tuesday, tracking gains in index majors Infosys, TCS, HUL and Tech Mahindra. After scaling a fresh lifetime high of 55,854.88 during the day, the 30-share index settled at 55,792.27. The broader NSE Nifty advanced 51.55 points or 0.31 per cent to 16,614.60. Tech Mahindra was the top gainer in the Sensex pack, rising over 3 per cent, followed by TCS, Nestle India, Titan, Infosys and HUL.
