The market capitalisation of Tata Consultancy Services surpassed Rs 6 lakh crore mark for the first time ever to become the second Indian company to achieve this milestone after RIL. In the intraday trades, TCS market capitalisation briefly breached the market cap leader RIL. Shares of TCS surged as much as 4.89% to hit the all-time high of Rs 3,254.8 after opening flat at Rs 3,100. Following a sharp spike in the share prices, India’s largest IT Company and Tata group’s cash cow TCS added as much as Rs 29,029.91 crore to Rs 6,23,052.49 crore in the market capitalisation at the day’s high price. The market capitalisation of Reliance Industries was at Rs 6,21,927.56 crore at the Tuesday’s high price of Rs 981.9.
Shares of India’s most valued company Reliance Industries fell as much as 1.89% to the day’s low of Rs 963.1. At the lifetime high price of Rs 990, Reliance Industries market capitalisation stood at Rs 6,27,058.03 crore. In the top-five firms by market capitalisation, RIL and TCS are the only two Indian companies which command a market capitalisation above Rs 6 lakh crore. RIL and TCS are followed by India’s largest private sector lender — HDFC Bank (Rs 5,08,576.16 crore), India’s largest FMCG company ITC (Rs 3,41,332.79 crore) and India’s largest housing financier HDFC (Rs 3,03,382.63 crore). In 2018, HDFC Bank and HDFC are the two other companies which surpassed Rs 5 lakh crore and Rs 3 lakh crore levels respectively.
Earlier this month, the IT major TCS reported a flat growth in earnings, as net profit came in at Rs 6,531 crore against Rs 6,778 crore in the comparable quarter last fiscal, beating street estimates. Notably, revenue in rupee terms rose 4% percent sequentially to Rs 30,904 crore, from Rs 29,735 crore last fiscal. In the last quarter, the company had reported a 4.3% rise in revenue to Rs 30,541 crore.
On Friday last week, the oil-to-telecom conglomerate Reliance Industries posted its highest quarterly net profit of Rs 9,423 crore on record earnings from petrochemical business with the telecom company Reliance Jio logging its first-ever profit. RIL reported a rise of 25.1% in the consolidated net profit to Rs 9,423 crore in Oct-Dec period of the financial year 2017-2018 as compared to Rs 7,533 crore in the corresponding quarter in the year-ago period. Reliance Jio Infocomm reported its first-ever net profit of Rs 504 crore for the three-month period from October-December 2017, its second quarter of the commercial operations. Following the booster, RIL shares jumped nearly 5% to hit the all-time high on Monday.