Indian information technology company Tata Consultancy Services (TCS) on Wednesday hit $200 billion in market capitalization as its stock extended this year’s winning rally, making it the second Indian company and first tech Indian company to cross over the mark.
TCS’ shares logged at a new lifetime high of Rs 3,980 per share before coming down and settling at Rs 3,955 by the end of the day, 1.8 per cent higher than the previous day’s close.
The top spot has been taken by Reliance Industries (RIL) with a market capitalization of $215 billion among domestically listed companies. Earlier this month, RIL had become the first company to cross the $200-billion mcap milestone.
Among its close rival in the world, Accenture comes in with a net market cap of $216 billion, whereas, indigenous companies HDFC and Infosys which rank 3rd and 4th are valued at $116.6 billion and $99 billion respectively.
For the Q1 FY22, the company reported revenue growth of 18.5 per cent year-on-year at Rs 45,411 crore. It also reported a total contract value of $8.1 billion, the deal signing was driven by growth across industry and verticals. With robust margins, profits have also been growing at a good pace, allowing companies to reward shareholders through dividends, share buybacks, etc.
“At various points in time, the market has doubted us – whether we will adapt to different shifts in technologies. Every time that myth has been broken, you have seen this movement on the markets. When automation came, there was a lot of coverage that automation is going to be the death knell of the industry. When digital came, (commentators said) digital is going to wipe us out. So, each time you’re able to demonstrate that, you know we are resilient and not just resilient, we can ride the wave rather than get disrupted,” CEO of TCS Rajesh Gopinathan said.
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