Tata Consultancy Services (TCS), the largest software exporter, has become the first IT company to cross $100 billion mark in India in terms of market capitalisation. Currently, the full market cap of TCS is at Rs 6.70 lakh crore ($101 billion) while the free-float market cap is at Rs 1.74 lakh crore ($26 billion). The last company to cross the benchmark was Mukesh Ambani’s Reliance Industries Ltd in 2008.
Shares of the company today opened at Rs 3,429, rising 4.39 per cent to touch an intra-day high of Rs 3,557 on BSE. The market capitalisation of the company swelled to Rs 6.80 lakh crore in the morning. On NSE, the stock jumped 4.56 per cent to Rs 3,557.90. TCS share is currently trading at Rs3503, with an increase of 2.8 per cent.
“With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is definite possibility of double-digit revenue growth. With growth acceleration, scale up in digital and support from currency, margins are ready for uptick as well, implying return of double-digit revenue/earnings growth after 3 years,” Edelweiss Research said in a note.
TCS announced a jump of 4.4 percent in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter. It reported a revenue growth of 8.2 percent at Rs 32,075 crore for the March quarter, up from Rs 29,642 crore a year earlier. 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.
TCS net profit dipped by 1.7 per cent to Rs 25,826 crore for the financial year 2017-18, while revenue rose by 4.3 per cent to Rs 1.23 lakh crore. TCS has 3,94,998 employees with an attrition rate at 11 per cent in IT services.
With Inputs From PTI