Tata Consultancy Services becomes first listed Indian company to hit $100 billion m-cap
BUSINESS | April 23, 2018 (PTI):
Shares of Tata Consultancy Services (TCS) on Monday surged over 4%, following which the IT major became the first listed Indian company to hit market capitalisation of over $100 billion (Rs 6,80,912.10 crore).
Shares of the company on Monday opened at Rs 3,429, rising 4.39% to touch an intra-day high of Rs 3,557 on BSE. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore.
On NSE, the stock jumped 4.56% to Rs 3,557.90.
At the end of Friday's trading session, the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the $100 billion milestone at Rs 6,52,082.92 crore.
The stock was the biggest gainer in both benchmark indices — BSE and NSE.
The nation's largest software exporter TCS on April 19 reported a 4.4% rise in March quarter net profit at Rs 6,904 crore.
The Tata group flagship, which contributes around 85% of the group's profit, reported a revenue growth of 8.2% 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%.
"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.
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.
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