TCS market cap makes it world's No 2 IT services company
31 August 2013
Tata Consultancy Services (TCS), with a market capitalisation of Rs3,95,975 crore($58.66 billion), has emerged the world's second-most valuable IT services company after IBM. This follows a significant appreciation in its share price, from Rs1,410 on 26 April to Rs2,023 on 30 August.
TCS is now way ahead of third-placed Accenture, which has a market cap of $46.7 billion and fourth-placed HP ($43.3 billion), both of which have higher revenues.
IBM, the most valuable IT services company in the world, is way ahead of the pack with a market cap of $200 billion.
TCS is also well on its way to becoming the first Indian company to touch a market capitalisation of $100 billion (Rs6,57,000 crore at the current exchange rate) within the next few years, according to two recent reports by global equity giants JP Morgan and CLSA.
The TCS scrip touched a lifetime trading high of Rs2,023.13 up Rs77 or 3.96 per cent on Friday.
TCS has been ahead of peers, and is emerging a true multinational by diversifying outside of its traditional US and European markets into markets like Brazil, Japan and China. It is also growing faster than most other global IT firm.