TCS market capitalisation nears $100 billion; investors richer by Rs 41,301 crore as shares rise 7%

New Delhi: Tata Consultancy Services (TCS) moved closer to the $100 billion mark in market capitalisation as its share price surged nearly 7 percent on Friday, adding about $6.2 billion to its valuation. The IT major is set to be the first listed Indian company to achieve this milestone. Led by the smart rally in the stock, the company’s market cap moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore ($98.8 billion). This is Rs 7,917.08 crore short of the $100 billion mark. TCS market valuation had in 24 January this year surged past the Rs 6 lakh crore mark. The stock jumped 6.76 percent to settle at Rs 3,406.40 on the BSE on Friday. During the day, it soared 7.22 percent to its 52-week high of Rs 3,421.25. [caption id=“attachment_4270857” align=“alignleft” width=“380”] TCS’s logo. Reuters.[/caption] On the NSE, shares of the company rose sharply by 6.62 percent to close at Rs 3,402.45. The stock was the biggest gainer on both Sensex and Nifty. In terms of equity volume, 7.72 lakh shares of the company were traded on BSE and over 92 lakh shares changed hands on NSE during the day. TCS is the leading the chart as the most valued firm followed by Reliance Industries Ltd (Rs 5,87,929.90 crore), HDFC Bank (Rs 5,08,884.23 crore), ITC (Rs 3,36,777.52 crore) and HUL (Rs 3,17,211.69 crore) in the top-five list. “TCS reported better-than-expected quarterly numbers,” Emkay Global Financial Services said in a report. Buying was also seen in other IT counters, with Tech Mahindra rising 5.34 percent, HCL Technologies 4.67 percent, Infosys 4.02 percent and Wipro 2.31 percent on BSE. Led by the sharp gains in these stocks, the BSE IT index gained 4.80 percent to end at 13,335.13. Stating that fiscal 2017-18 has been a “sobering year” on slower revenue growth, the nation’s largest software exporter TCS yesterday reported a 4.4 percent rise in March quarter net profit at Rs 6,904 crore. 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. 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. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.