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TCS becomes first Indian company to hit $100 bn market capitalization
24 April 2018, 03:31 | Vera Richards
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On April 20, the stock closed 6.55 per cent to hit its 52-week high of Rs 3,399.90 on BSE. Reliance Industries Limited was the first Indian company to cross $100 billion in 2007, but its market capitalisation is now $89.36 billion, Mint reported. Commenting on TCS breaching $100 billion market cap, N Chandrasekaran, chairman, Tata Sons, said: "It is a very proud moment for all of us". Not only this, its market cap even accounts for roughly 25 per cent of India's forex reserves, which, at last count, were valued at $426 billion.
The stock closed with a gain of Rs 8.8 at Rs 3,415.20 on BSE, implying a market cap of Rs 6.53 lakh crore (about Dollars 98.3 billion). At present, RIL has a market cap of Rs5.94 crore, which is less than that of TCS by over Rs70,000 crore. "We estimate earnings growth to jump nearly 3 times over FY18-21, from 3-5 percent in FY16-18, to 13-15 percent", the brokerage said in a report. TCS went past the $100 billion market capitalisation landmark after its scrips gained more than 4 per cent on Monday to reach an all-time of Rs 3,557.
Around 11 a.m., the m-cap of the company stood at Rs 675,934.95 crore or $101.60 billion on the BSE.
By definition, market capitalisation is the value of a company that is traded on the stock market, calculated by multiplying the total number of shares by the present share price.
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.
TCS claims that Digital, the fuzzy umbrella term which each company uses to classify revenue generated from areas generally classified as social, mobile, analytics, cloud computing and Internet of Things, grew 43% in constant currency terms to $4.5 billion or about 24% of company's overall revenue.
Tax Day is April 17
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In its last closing on Friday TCS shares surged over 7 percent, adding Rs 41,301 crore to its market valuation, after the company reported a 4.4 percent rise in March quarter net profit and guided towards a better show in fiscal 2019. TCS has a great connect with its clients, great execution capabilities and a solid focus on future growth, said senior immigration consultant Janvi Mathur. While TCS holds the top spot among them, companies like Reliance Industries, HDFC Bank, ITC, HUL, HDFC, Maruti Suzuki and Infosys, among others, are also on the list.
TCS does not give quarterly or annual forecasts but the management reaffirmed its optimism (first outlined in January) of the company clocking double-digit growth in the current financial year.
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