India's largest IT Company, TCS (Tata Consultancy Services) Monday crossed the $100 billion (Rs 6.60 lakh crore) market capitalization (m-cap) milestone. With this, TCS has become the first Indian tech company to cross $100 billion in market capitalization.
Shares of the Mumbai -based company moved nearly 4 percent higher Monday, extending their Friday's surge, making it the first Indian company in a decade to achieve this mark. Mukesh Ambani-led Reliance Industries had crossed this mark in October 2008.
Shares of TCS opened at Rs 3,429 and rose to hit a fresh high of Rs 3,429 on Bombay Stock Exchange (BSE) Monday.
Shares of TCS closed at a lifetime high of Rs 3,406 in a single day since April 2012, Friday. At 12.50 TCS shares are trading 2.95 percent higher at 3,507.00 in the BSE.
The rise in the TCS shares value came after IT giant posted a rise of 4.5 percent in its Q4 net profit Thursday. The N Chandrasekaran-led company reported a revenue growth of 8.2 percent at Rs 32,075 crore in the 1st 3 months this year.
TCS also announced 1:1 bonus shares of Re 1 face value to its investors at the end of the financial year 2018. Brokerages expect TCS to even better its financial performance during the current fiscal.
TCS is in the top slot in terms of market capitalization. Companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys are also in the top positions.
TCS is now the 64th company in the world with a market value of $100 billion or above. Apple is spotted in the top as the most valued firm across the globe with a market cap of $840 billion. Bill Gates' Microsoft has an m-cap of $731 billion. Facebook's m-cap stands at $482 billion, Amazon 740.79 billion and Netflix $142 billion and Alphabet (Google) $746.03 billion. IBM's m-cap is at 133 billion.