TCS becomes first $100-b IT company

24 April, 2018, 03:28 | Author: Brooke Harris
  • TCS shares rose 2.65% on Monday to Rs3,496

On BSE, shares of the software major rose 4% or ₹142.60 during the morning session to touch a new all time high of ₹3,549, which pegs the market capitalisation at ₹6.78 lakh crore or a little over $100 billion. "I would like to thank our shareholders for their continued support". Last week, when the markets closed on Friday, the company was at the verge of the milestone as the m-cap stood at slightly above $99 billion.

As part of its "Business 4.0" strategy, TCS is looking at new age-technologies like automation, cloud and Internet of Things (IoT) driving digital revenues of the company to over United States dollars 5 billion this year. The stock is up more than 10% since the firm announced its Q4 earnings.

At 14:50 hrs, Tata Consultancy Services was trading at Rs 3,450.05, up 1.4 percent, on BSE. TCS forms close to 4.5 per cent of the Bombay Stock Exchange's total market cap of ₹151 lakh crore. RIL comes in second, with a market cap of around Dollars 88-89 billion. Therefore, Monday's $100 billion breaching was an expected event, said Suresh Avunni, a Kochi-based market analyst. "TCS continues to execute dependably for a company of its size", Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

"Last year, we had crossed $3 billion (in digital revenue).It has grown 35%, it has grown faster than it had grown last year". Future trajectory of growth seems very solid.

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Japan's Nikkei also eased 0.3 per cent as tech stocks continued to struggle with a warning on waning demand for mobile phones. ICICI Bank , Hero MotoCorp, ICICI Bank, Tata Steel and Coal India were among the top losers, falling up to 2 percent.

Speaking to PTI, TCS CEO and Managing Director Rajesh Gopinathan said Business 4.0 is thought leadership framework to help customers leverage digital technologies to address their growth and transformation agendas. However, this is not the first or only claim to fame that the company can boast of. TCS' commentary that despite the blip in retail, it should grow in double-digits in FY19 led to positive sentiment around the stock.

TCS's four industry verticals, including oil and gas, healthcare and life sciences, communication and media and travel and hospitality, reported double-digit growth, thereby helping the company end the year on a strong footing. The currency dropped by more than 1 per cent in April and by 3.52 per cent this year so far.

"For such a large firm in a maturing industry to be able to maintain and even enhance profitability over so many years, and to be able to deliver well above industry revenue growth is no mean feat", Shah said.

TCS, which listed on August 25, 2004, had a stellar debut, claiming a 27 per cent premium to its issue price of ₹850.

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