TCS Becomes First Indian Company To Breach $100 billion Market Capitalisation

TCS Becomes First Indian Company To Breach $100 billion Market Capitalisation

TCS Becomes First Indian Company To Breach $100 billion Market Capitalisation

The information technology major became a Dollars 25 billion company back in 2010 and has never looked back since.

While Tata Consultancy Services (TCS), HDFC Bank, ITC, HUL, Infosys and Kotak Mahindra Bank were on the biggest gainers, Reliance Industries (RIL), HDFC, Maruti Suzuki India and ONGC suffered losses in their market capitalisation (m-cap).

The leading IT outsourcer has posted better-than-expected earnings for the fourth quarter of FY18. Strong revenue growth and higher other income, up 13.7 percent QoQ, boosted profitability. Currently, the full market cap of TCS is at Rs 6.70 lakh crore ($101 billion) while the free-float market cap is at Rs 1.74 lakh crore ($26 billion).

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In the market, the stock also gained on the back of a weak rupee, which on Friday depreciated to over 66 to the dollar for the first time since March previous year and is now trading at 66.18.

Shares of the company on Monday opened at Rs 3,429, rising 4.39 per cent to touch an intra-day high of Rs 3,557 on BSE.

Brokerages see TCS' positive commentary on banking and financial services staging a comeback and higher growth in digital services as a huge momentum to their double digit growth plans for FY19. The reward, however, hasn't come without a scare, as TCS shares had plunged five per cent after the promoter pared its holding from 73.6 per cent to 71.9 per cent. The uptick in revenue trajectory leads to re-rate multiples.

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Sharekhan has upgraded the IT multinational to a "buy" rating with a target price of Rs. 3,500. The stock is now trading at Rs 3,509, up 3 percent.

Analysts are bullish on TCS after it reported a 3.8% quarter-on-quarter growth in fourth-quarter revenue at Rs. 32,075 crore.

"Justifying current valuation requires baking in Dollars 2.1 billion of incremental revenue in FY19 and justifying current valuation requires 11 percent CAGR over the next 7 years", it said. The share price of the IT bellwether was quoting 2.68 percent up at Rs 3497.55 a piece.

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