The market valuation of Tata Consultancy Services (TCS) on Tuesday raced past the Rs 13 lakh crore mark, becoming the second company after Reliance Industries Limited to achieve this feat.
At the close of trade, the market capitalisation (mcap) of Tata Consultancy Services was Rs 13,14,051.01 crore on BSE.
The company reached this milestone after shares of the company jumped 2.32 per cent to close at Rs 3,552.40 on BSE.
During the day, it gained 2.54 per cent to its 52-week high of Rs 3,560.25.
The IT major had in January this year breached the Rs 12 lakh crore market valuation mark. TCS is the second most valuable domestic firm in terms of market valuation. Reliance Industries Limited is the country’s most valued firm, with a market valuation of Rs 13,71,823.79 crore.
“Visibility of sustained earnings recovery in IT stocks in the backdrop of strong deal wins and encouraging guidance shared by managements in 1Q FY22 made investors lap up IT stocks,” Binod Modi, Head Strategy at Reliance Securities, said.
Buying was also visible in other IT stocks, with Tech Mahindra, Infosys, HCL Technologies Limited and Wipro closing the day with gains.
So far this year, Tata Consultancy Services shares have gained 23.76 per cent.