Tata Consultancy Services Ltd (TCS), the country's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion or Rs 6,80,912.10 crore in market capitalisation.
Shares of the company on Monday opened at Rs 3,429, rising 4.39 percent to touch an intraday high of Rs 3,557 on BSE. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore. On NSE, the stock jumped 4.56 percent to Rs 3,557.90.
N Chandrasekaran, Chairman of Tata Sons, who was earlier CEO of TCS, was very proud of the company's achievement. He told CNBC TV-18 that the company has enormous potential.
— CNBC-TV18 (@CNBCTV18Live) April 23, 2018
People celebrated the milestone of the IT-bellwether by using superlatives.
India first 100 Billion dollar company.... #TCS . Rarely this kind of return has been seen. Investment of 1L in the TCS has become 25L in 10 Year. pic.twitter.com/zUOZsWOMzD — nseinvestor (@Eng732) April 23, 2018
Some referred to the oft-discussed outsourcing done by Indian IT companies and gave a thumbs up to TCS' latest achievement:
Say what you will about Indian outsourcing companies, this is impressive: TCS scripts history, becomes first Indian company to hit $100 billion market cap https://t.co/HixIvVtkE1 — Mahendra Palsule (@ScepticGeek) April 23, 2018
A red letter day for India's stock exchange. #TCS creates history! Market cap surpasses $100 billion for the first time and surpassed #Accenture's market cap which was at USD 98 billion, also it's 52% higher than all other IT ind…https://t.co/Vq09Uk4fOH https://t.co/IfEw9w0Esk — Jay Shah (@Jayshahca) April 23, 2018
The Group's corporate governance was lauded by some:
#TCS congratulations on hitting $100billiin market cap. Clearly outstanding focus on corporate governance paying off. Needless to say your people have done phenomenal work. Congrats guys
— Pramod Agarwal (@pramodagarwal62) April 23, 2018
Group Chairman N Chandrasekharan said the milestone was the start of the next big run:
#100BillionTCS | This is the start of the next big run for @TCS, says @TataCompanies Chairman N Chandrasekaran on @TCS hitting $100 Bn market cap pic.twitter.com/lrrS82EqV7 — CNBC-TV18 (@CNBCTV18Live) April 23, 2018
TCS become first Indian company with $100B Market Cap. That's some feat. For context, 45 companies on the S&P500 have breached that milestone. Dated table from @SeekingAlpha pic.twitter.com/MfY1HoA1xj — Calm Investor (@CalmInvestor) April 23, 2018
The company's shares had surged a day after its quarterly results announcement on Friday, which reported a net profit for Q4 at Rs 6,925 crore -- up 4.6 percent -- from Rs 6,622 crore in the same period in 2017 and up 5.8 percent sequentially from Rs 6,545 crore a quarter ago.
It also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.
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Updated Date: Apr 23, 2018 12:48:09 IST