TCS market cap hits fresh high of Rs7,00,000 crore
25 May 2018
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Tata Consultancy Services (TCS) hit a new high above Rs7,00,000 crore in market cap today as a falling rupee buoyed information technology stocks to new highs on the bourses.
The TCS stock also touched a 52-week high of Rs3,674 while the BSE Information Technology and Nifty IT indices rose 19-20 per cent so far in this year.
A weakening rupee ensured better returns and revenues for IT companies that are mostly export-driven.
The rupee has also had a weak run in this year so far, touching Rs68 against the US dollar levels in this year. Accordingly, the TCS stock scaled a record Rs6,80,000 crore of over $100 billion on 24 April 2018.
At that level, the TCS market cap was more than the combined market cap of major Indian IT companies such as Infosys (Rs189,980 crore), Wipro (Rs140,313 crore) and HCL Technologies (Rs107,953.9 crore).
The TCS stock managed to soar 36 per cent in the whole of 2018 while its rival Infosys has risen 18 per cent.
TCS created history last month after its market cap surpassed the sentimental $100-billion mark. TCS also beat US-listed rival Accenture's market capitalisation of $98 billion.
After hitting a market cap of $25-billion in 2010 TCS has steadily grown its market cap to above the $50-billion mark in 2013 and then the $75-billion mark a year later. It is now in the process of crossing the $100 billion market cap to hit another high
At 09:51 hrs Tata Consultancy Services was quoting at Rs 3,663.05, up Rs 58.25, or 1.62 percent, on the BSE. It touched an intraday high of Rs3,674.00 and an intraday low of Rs3,619.00.
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