New Delhi: In a good news amid the gloomy economic scenario, the Tata Consultancy Services (TCS) on Monday had a good day on the bourses. Its market valuation crossed Rs 9 lakh crore, becoming the second Indian after Reliance Industries Limited after this feat.
TCS stocks gained 5 per cent to close at Rs 2,492.30 on the BSE. During the day, it jumped 5.49 per cent to Rs 2,504.20 — its record high. On NSE, it closed 4.84 per cent higher at Rs 2,489.20.
Owing to the surge in its stock price, the company added Rs 44,503.84 crore to its market capitalization and reached Rs 9,35,206.84 crore at the end of trade.
The rally in TCS stocks was apparently driven by HCL Technologies’ mid-quarter review and guidance. HCL is expecting revenue growth of 3.5% in this after, after reporting loss of 7.2% in June quarter. Its own stock jumped around 10% in the afternoon trade at the BSE Sensex.
This apparently gave hope of good gains in IT stocks despite the Covid-19 induced slowdown.
So far this year, share of TCS have gained 15.31 per cent.
TCS, 2nd firm after RIL to cross m-cap of Rs 9 lakh crore
With today’s trading, TCS has become the second most valuable domestic firm in terms of market capitalisation, after Reliance Industries Ltd .
RIL in October last year became the first Indian company to reach that level.
However, RIL has been galloping on the bourses, with its m-cap recently breaching the 20 lakh crore mark. RIL became the first Indian company to surpass market capitalisation of $200 billion on September 10. With this valuation, the was valued more than the combined market capitalisation of TCS, the largest Indian IT company (Rs 8,74,906.02 crore) and HDFC Bank, the largest Indian private sector lender (Rs 6,00,198.55 crore).
