The market capitalisation of TCS hit the 100 billion dollar mark today, making it the first Indian company to achieve the mark. Shares of TCS moved higher by nearly 2 per cent today, extending their Friday’s surge. TCS shares rose today by 2 per cent to Rs 3476.75, pushing the market capitalisation of India’s biggest outsourcer to Rs 6,64,918 crore. Shares of TCS had surged by nearly 7 per cent on Friday, making investors richer by over Rs 40,000 crore in a day. On the other hand, the rupee fell to 66.18 against the dollar today, as compared to Friday’s close of 66.12.
Deal wins in the quarter to March helped the Mumbai-headquartered company post its biggest-ever net profit in the quarter. TCS had announced its earnings after market hours on Thursday. TCS posted a net profit of Rs. 6,904 crore, beating analysts’ average estimate of Rs. 6,798 crore. TCS, part of salt-to-software conglomerate Tata group, reported Rs. 32,075 crore as income from operations, a rise of 8.2 per cent from a year ago.
Source: NDTV
