The Indian Wire » Business » TCS market cap nears $100 billion after stock hits 52-week high on BSE

TCS market cap nears $100 billion after stock hits 52-week high on BSE

Tata Consultancy Services (TCS) saw its market capitalization swell to Rs 6,52,082.92 crore after posting higher than expected March quarter results. The Bengaluru-headquartered firm registered an increase of Rs 41,300.92 crore in its market valuation after its stocks rose on the back of positive quarterly results.

TCS shares climbed to Rs 3,402.45 level, up by 6.62 percent. The stock became the biggest gainer on both Sensex and Nifty. Talking about equity volume, 7.72 lakh TCS shares were traded in BSE, whereas more than 92 lakh shares of the company were traded during the day.

The Tata group flagship, which contributes around 85 percent of the group’s profit, reported a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 percent.

TCS continued its run, rising nearly 3 percent and becoming the first company to hit a USD 100 billion in market capitalization.

The IT major has crossed even its competitor Accenture (USD 98 billion) in market cap.

The Indian tech major has given a 120 percent payout of the target variable pay for its employees after estimate defying Q4 results. The company has also announced a salary hike of two to six percent depending on the geography.

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.

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