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TCS market cap breaches $100 billion mark, ahead of rival Accenture

24 April 2018

Tata Consultancy Services (TCS), the largest software exporter, has become the first listed $100 billion company in India in terms of market capitalisation.

Energy-to-telecom conglomerate Reliance Industries Ltd, led by India's richest man Mukesh Ambani, is the only other Indian company that had breached the $100 billion mark, way back in 2007.

Dollars 100 billion market-cap forms an elite club of top corporates of the world. It reported a revenue growth of 8.2 percent at Rs 32,075 crore for the March quarter, up from Rs 29,642 crore a year earlier. "I would like to thank our shareholders for their continued support".

The NSE IT index hit an all-time high on Monday, while the broader NSE Nifty was up 0.4 percent.

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At the end of Friday's trading session the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the USA $100 billion milestone at Rs 6,52,082.92 crore. While the worldwide management and strategy consultancy reported a market cap of $98.6 billion, TCS' last reported m-cap overshot the $102 billion mark.

TCS' m-cap value matches that of other global stock-market players such as Accenture, United Technologies, GlaxoSmithKline PLC, Lockheed Martin, Nike and Volkswagen AG. In the morning hours, the company's m-cap hit over $101 billion and it slightly, however, declined to $98.8 billion at the close of trade. Digital share went up close to $5 billion, some 25 per cent of the total revenues.

Commenting on Q4 earnings, TCS Chief Operating Officer and Executive Director N Ganapathy Subramaniam said strong deal wins and a good pipeline positions TCS very well in the new fiscal. TCS share is now trading at Rs3503, with an increase of 2.8 per cent.

"We are. delighted and thankful to our employees and customers who have been instrumental in achieving this milestone", TCSCEO Rajesh Gopinathan said in a statement emailed to CNNMoney on Monday. TCS ranks 97th among the world's largest and most value tech organisations, according to Bloomberg data.

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Why there is a possibility of a double digital growth?

"TCS is a unique company".

"With its consistently superior financial performances, it is no surprise that the stock has been rewarded by the street, particularly for its sheer consistency". This is the third bonus share offering by the company since its listing in 2004. It is also one of the most valued firms followed by Reliance industries.

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TCS market cap breaches $100 billion mark, ahead of rival Accenture