Just a month back, on April 28, Apple pipped its rival Microsoft to become the most valuable tech company in the world. With a market capitalisation of $234 billion, Apple was shades higher than that of Microsoft for the first time. Back home, Infosys Technologies is also slowly and steadily consolidating its position as the most valuable Indian technology company, after years of shuffling in rankings with Tata Consultancy Services (TCS). For last one month, Infosys has consistently maintained a MCap higher than that of TCS ? with a difference of almost $1 billion.

While market capitalisation of Infosys is close to Rs 1,51,122 crore, it is Rs 1,48,533 crore for TCS. Wipro is at a distant third position among the technology companies with a market capitalisation of Rs 92,599 crore.

Among the top 10 listed companies ranked in terms of market capitalisation, Infosys was ranked fourth and TCS sixth as of June 9, 2010, a role reversal from April 1, 2010, when TCS was ranked fourth and Infosys sixth among the top 10. Infosys shares have appreciated recently on the back of a buzz about its plans to buy its European rival Logica, a rumour the company denied later. The stock has been widely held among various categories of investors ? with promoters holding less than 20%. In contrast, Tata Sons and its associate companies hold close to 75% stake in TCS.

Infosys closed at Rs 2,633 on the BSE on Friday, down 0.5% for the day while TCS finished the day at Rs 758, up 1.1%. The Infosys stock had a 52-week high of Rs 2,875 on May 13, 2010 and a low of Rs 1,635 on July 10, 2009. TCS had a yearly high of Rs 844 and a low of Rs 355.25 on June 23, 2009.

Both the companies have issued positive earning guidelines for the current quarter and for the whole year.

According to a recent brokerage report, the TCS management is positive about its outlook. ?We returned positive from our meeting with TCS? Consulting-Practice Head and believe, in line with industry peers, even TCS is now witnessing discretionary spend revival in most verticals (with higher traction in North America) versus muted management tone on discretionary spend revival during Q4FY10 results,? the report said. ?We reiterate that vis-?-vis some peers, TCS? margin visibility is better, with high headroom,? it added.

It?s a million dollar question now, if this could shuffle the MCap ranks between the two tech biggies.