TCS becomes first Indian IT major to cross $100-billion market cap

Overall, it is the second Indian company to reach the mark after Reliance Industries achieved it in 2007.
TCS becomes first Indian IT major to cross $100-billion market cap
TCS becomes first Indian IT major to cross $100-billion market cap
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IT bellwether Tata Consultancy Services (TCS) on Monday crossed the $100-billion mark in terms of market capitalisation (m-cap).

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 the company rose over four per cent to a new high of Rs 3,557 per share.

On Friday, the IT major's shares rose over seven per cent to Rs 3,419.80 per share, taking its m-cap to over Rs 6.50 lakh crore or around $98 billion -- close to the $100 billion mark.

"It's a special moment, a moment we have been waiting for," Economic Times quotes Tata Group Chairman N Chandrasekaran as saying, adding that he always believed that the opportunity in tech space and TCS is very large. 

The last Indian company that crossed the $100 billion threshold was Reliance Industries in 2007. Currently, RIL’s market cap is at $89.36 billion, reports Mint.

The company's shares had surged a day after its quarterly results announcement, which reported a net profit for Q4 at Rs 6,925 crore -- up 4.6 per cent -- from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

Consolidated revenue for Q4 grew 8.2 per cent to Rs 32,075 crore from Rs 29,642 crore in same period year ago and 3.8 per cent sequentially from Rs 30,075 crore quarter ago.

Revenue for FY 2018 grew 4.4 per cent to Rs 1,23,104 crore from Rs 117.966 crore in FY 2017.

It also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

"The Board of Directors recommend 1:1 bonus share issue to the shareholders," said the city-based IT major in a regulatory filing on the BSE.

The company also declared total dividend of Rs 50 per share, including Rs 29 per share final dividend and Rs 21 interim dividend for the fiscal under review (FY 2018), which translates into a record 5,000 per cent per annum.

"Rs 26,800 crore of cash has been returned to shareholders in dividends and buyback during the fiscal," added the company in the filing.

With IANS inputs

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