Shares of Tata Consultancy Services (TCS) on Monday surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over United States dollars 100 billion (Rs 6,80,912.10 crore).
On April 20, the stock closed 6.55 per cent to hit its 52-week high of Rs 3,399.90 on BSE.
At 11.25 am, the company's shares were up 2.7% since Friday's close, to reach Rs 3,494.95. "I think it is the start of the next run", Natarajan Chandrasekaran, chairman of Tata Sons told ET Now in an exclusive interview. TCS is now accounted 11% of the total Sensex market-cap of Rs 60.81 trillion market-cap. On Thursday, TCS reported a 4.48 per cent year-on-year (yoy) rise in consolidated net profit at Rs 6,904 crore for January-March. Strong revenue growth and higher other income, up 13.7 percent QoQ, boosted profitability. The Tata group flagship, which contributes around 85 per cent of the group's profit, reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March.
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The company also declared total dividend of Rs 50 per share, including Rs 29 per share final dividend and Rs 21 interim dividend for the fiscal under review (FY 2018), which translates into a record 5,000 per cent per annum. At 09:49 am, the market value of the company stood at Rs 6,62,726.36 crore.
Prabhudas Lilladher said TCS is now trading at par with Accenture on the valuation front (versus 18 percent discount to Accenture trades three months ago). Reliance Industries Limited was the first Indian company to cross $100 billion in 2007, but its market capitalisation is now $89.36 billion, Mint reported.
"The Board of Directors recommend 1:1 bonus share issue to the shareholders", said the city-based IT major in a regulatory filing on the BSE. India's top software services exporter is more confident about BFSI revenues from North America as client discussions show there is "not much stress left in the system", and this could potentially translate into better client spending through the course of the year, CEO Rajesh Gopinathan had said.