TCS shares jump 7% post Q4 earnings; set to become India's first $100 bn company by market cap

New Delhi: Shares of TCS on Friday surged nearly 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. Led by the gain in the stock, the company’s market capitalisation moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore ($98.65 billion). The software giant is just short of becoming India’s first $100 billion company by market capitalisation. The stock jumped 6.76 percent to settle at Rs 3,406.40 on BSE. During the day, it soared 7.22 percent to its 52-week high of Rs 3,421.25. On 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. [caption id=“attachment_4144751” align=“alignleft” width=“380”] TCS MD and CEO Rajesh Gopinathan. Image: Reuters.[/caption] 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 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. (With PTI inputs)