India’s largest IT company TCS (Tata Consultancy Services) touched the iconic mark on Monday becoming the first Indian company to achieve the $100 billion in market capitalisation, the first ever in the history of Indian capital markets. Shares of the Tata Group’s cash cow and the IT behemoth TCS has been surging to record-breaking highs since after the company has posted better-than-expected financial results for the quarter ended 31 March 2018. Shares of TCS jumped nearly 3% to hit an all-new record high on Monday extending Friday’s gain.
The stock of market capitalisation leader TCS rocketed as much as 4.42% to an all-time high of Rs 3,557 after opening marginally higher at Rs 3,429 on BSE. Unusually higher trading volumes were been witnessed in the shares of TCS, as at 10 am, more than 16 lakh shares exchanged hands on both NSE and BSE with about 16 lakh shares on NSE alone.
Following the huge surge in the share prices of TCS, the company crossed the market capitalisation of $100 billion on Monday. As per the Reserve Bank of India’s reference rate of Rs 66.0167 against US dollar on Friday last week, TCS achieved a market capitalisation of $103.08 billion. In the Indian rupee terms, TCS raked in a market capitalisation of Rs 6,80,528 crore on BSE on the basis of the all-time high price of Rs 3,551.95. Shares of TCS advanced as much as 4.57% to a lifetime peak of Rs 3,557.9 on NSE.
Over the course of last two days, after TCS has reported its quarterly numbers for the fiscal year 2017-2018, shares of TCS has advanced 11.48% to a record peak of Rs 3,557. Following a steep surge in the share prices, TCS’ market capitalisation has moved to Rs 6,80,528 crore from 6,10,954 crore (at the closing price of Rs 3,190.65 on Thursday, 19 April 2018).
TCS is by far the first company to cross the $100 billion in the market capitalisation. TCS is way ahead of Reliance Industries and the country’s biggest bank by market capitalisation HDFC Bank. The oil-to-telecom conglomerate Mukesh Ambani-controlled Reliance Industries commands a market capitalisation of Rs 5,93,251 crore and Aditya Puri-led HDFC Bank holds a market capitalisation of 5,15,328 crore at the day’s high price of Rs 936.4 and Rs 1,984, respectively.
Earlier on Friday last week, shares of TCS spurted more than 7% observing the first earnings reaction after the IT bellwether TCS posted robust results beating the street expectations.