TCS creating history as the first Indian IT major to hit the coveted USD 100 billion market cap is a result of consistent value creation and is poised to leverage the global digital opportunity, Tata Sons Chairman N Chandrasekaran said today.
Riding high on the back of record quarterly profit and a weak rupee, the IT arm of the Tata conglomerate saw its market cap push above the USD 100 billion (Rs 6,80,912.10 crore) mark after its shares climbed as much as 4.6 percent to a record high of Rs 3,557.9.
Billionaire Mukesh Ambani-led Reliance Industries is the only other Indian company which had breached the USD 100 billion mark, way back in 2007. At today’s rupee-dollar exchange rate and stock price, it had an m-cap of Rs 5.92 lakh crore.
“TCS has been able to create value consistently by making the right investments not only in terms of technology but also in terms of creating capabilities, building leadership and talent, seeding new markets and developing scalable world-class solutions,” Chandrasekaran said in a statement.
The Tata group flagship, which contributes around 85 percent of the groups profit, reported its highest revenue growth in 14 quarters at 11.7 percent in dollar terms.
It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year.
TCS is the countrys most valued firm followed by Reliance Industries Ltd with a m-cap of Rs 5,92,427.82 crore, HDFC Bank (Rs 5,01,643.92 crore), ITC (Rs 3,35,801.17 crore) and Hindustan Unilever Ltd (Rs 3,14,938.94 crore) in the top-five list.