TCS market cap crosses $200 billion for first time as shares hit new high

Global IT services and consulting major Tata Consultancy Services (TCS) crossed the $200 billion mark in market capitalisation (market cap) on Wednesday, September 15 as its shares hit a new high on the stock market. Shares of the company touched a new lifetime high of Rs 3,955, up 1.8% over the previous day’s close. Shares of TCS have risen 35% this year owing to a sharp rebound in IT stocks. At market close, TCS had a market cap of Rs 14.63 trillion ($199.2 billion). 

Reliance Industries Ltd (RIL) is currently the only company among domestically listed ones that has a higher market cap at Rs 15.81 trillion ($215 billion). Earlier this month, RIL had achieved the distinction of becoming the first company to cross the $200 billion market cap milestone. 

For the first quarter of FY22, the IT services giant had reported a profit of Rs 9,008 crore, which represents an upsurge of 28.5% year-on-year. Consolidated revenue from operations rose by 18.5% year-on-year (3.9% sequentially) to Rs 45,411 crore compared to Rs 38,322 crore in the corresponding quarter of 2020-21. The company’s discretionary spends, which fell due to the pandemic, are seeing an uptick, said Chief Financial Officer Samir Seksaria, and is expected to return to pre-pandemic levels by end of FY22.

On September 15, the Sensex and Nifty zoomed to fresh lifetime highs, driven by the rally in auto and telecom stocks which witnessed brisk buying after the government announced relief measures for the sector. According to traders, a rebounding rupee and persistent foreign capital inflows added to the momentum.  

Climbing for the second day, the 30-share BSE Sensex surged 476.11 points or 0.82% to close at its new all-time high of 58,723.20. It touched an intra-day record of 58,777.06. Similarly, the broader NSE Nifty surged by 139.45 points or 0.80% to its fresh closing record of 17,519.45. During the session, it touched an all-time peak of 17,532.70.