TCS pips Accenture to become world’s most-valuable IT Company

Tata Consultancy Services on Monday became the second Indian firm after Reliance Industries to attain a market valuation of more than Rs 10 lakh crore.

New Delhi: Tata Consultancy Services (TCS) on Friday piped Accenture to become world’s most-valuable IT Company, a feat it retained for a very brief time.

TCS's market capitalisation was at $144.7 billion as compared to Accenture’s market capitalisation of $143.1 billion (October 8 closing data).

TCS gained another major feat on Monday, by becoming the second Indian firm after Reliance Industries to attain a market valuation of more than Rs 10 lakh crore. Following the rally in its share price, the company''s market valuation jumped Rs 69,082.25 crore to reach Rs 10,15,714.25 crore at close of trade on the BSE.

TCS last month became the second Indian firm to have a market valuation of over Rs 9 lakh crore after Reliance Industries Limited. It is the second most-valuable domestic firm in terms of market capitalisation.

Reliance Industries Limited is the first Indian firm to have crossed the Rs 10 lakh crore market valuation mark.

TCS this Wednesday announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share. In 2017 and 2018 too, TCS had undertaken buyback offers of similar sizes. The buyback will be conducted via a tender offer route using the stock exchange mechanism, it added.

The buyback offer is subject to the approval of the members by means of a special resolution through a postal ballot, the filing said. A public announcement setting out the process, timelines and other requisite details will be released in due course following the buyback regulations.