New Delhi: Tata Consultancy Services (TCS) Ltd, India`s biggest software services exporter, scripted history on Monday by reaching $100 billion in market capitalisation.
At $100 billion, TCS market-cap is bigger than total m-cap of all listed stocks in Pakistan Stock exchange. Data available till April 19 showed that 559 stocks, listed on Pakistan Stock Exchange, had a combined m-cap of $80 billion (or 9,325,897.91 Pakistani rupee).
Chart Courtesy: psx.com.pk
Around 11 a.m., the m-cap of the company stood at Rs 675,934.95 crore or $101.60 billion on the BSE.
Shares of TCS rose as much as 4.4 percent to a record high of Rs 3,553, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter. On NSE, the stock jumped 4.56 percent to Rs 3,557.90.
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 at Rs 6,904 crore and guided towards a better show in fiscal 2019.
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.
Meanwhile, the BSE Sensex was trading higher by 119.85 points in late morning deals on buying led by key frontline shares in IT, Teck, realty, healthcare, telecom, energy and auto sectors, despite weak Asian cues.
Investors turned optimistic ahead of key corporate earning of index heavyweights this week.
With Agency Inputs