TCS market cap crosses Rs 7 lakh crore

New Delhi: The market capitalisation of Tata Consultancy Services (TCS) Ltd on Friday hit Rs 7 lakh crore mark.

Led by the gain in the stock, the company's m-cap moved to Rs 7,00,945.12 crore (at 10.00 am). The share price of the IT bellwether was quoting 1.58 percent up at Rs 3661.65 a piece.

TCS is the country's most valued firm, followed by Reliance Industries with a market capitalisation (m-cap) of Rs 5,83,908.87 crore, HDFC Bank (Rs 5,19,654.83 crore), HUL (Rs 3,42,244.47 crore) and ITC (Rs 3,30,919.46 crore) in the top five list.

TCS last month became India's first company to hit market capitalisation $100 billion. In FY 2018, TCS reported revenue of Rs 1,23,104 crore, growing 4.4 per cent over the previous year.

Strong results from the company and Infosys Ltd, coupled with a weakening of the rupee, have led to buying in the sector.

Earlier this week TCS said it has expanded operations in Florida, US, with over 430 employees joining the company as part of its deal with Transamerica.

In January, Tata Consultancy Services (TCS) had signed an over USD 2 billion deal with Transamerica to administer the latter's life insurance, annuity, supplemental health insurance, and workplace voluntary benefits products.

It covered managing administration of more than 10 million policies. More than 430 former Transamerica employees now work for TCS at this new St Petersburg facility (in Florida) as part of recruiting and investing in more than 2,200 Transamerica jobs across the US in multiple locations, the Indian software services giant said in a statement.

TCS said it has invested nearly USD 3 billion in the US over the past three years and has been among the top two IT services job creators in the country.

With PTI Inputs