Tata Consultancy Services became the country’s most valued firm by market capitalisation on Monday, as the scrip gained 1.26% on the Bombay Stock Exchange to touch its 52-year high of Rs 3,345.25. For a brief period, the IT giant was also the world’s most valued IT company, pulling ahead of Accenture. The stock closed 0.4% down on the BSE at close at Rs 3,290.20.
At the highest price, TCS’s market capitalisation was reportedly at $170 billion, ahead of Accenture’s $168 billion as per the New York Stock Exchange. However, as the stock dipped by afternoon trade, bringing down the valuation to $167 billion. Market capitalisation of companies changes daily with movement in their stock prices. In October last year too, TCS had briefly overtaken Accenture to become the most valuable IT services company in the world.
However, in India, this makes TCS the most valued firm, ahead of Reliance Industries.
During the afternoon trade, the market valuation of TCS was at Rs 12,45,341.44 crore while that of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE. Shares of RIL declined 4.84% to Rs 1,950.30 on the BSE after its earnings failed to cheer investors.
Tata Consultancy Services had in March last year also reclaimed the status of the country''s most valued firm by market valuation.
This comes on the back of the company reporting strong results in Q3. Prior to this, the company hit a 52-week-high of Rs 3,224. TCS reported a rise of 7.2% in its consolidated net profit for the third quarter of FY21.
In its statement, the IT major had said that consolidated net profit rose to Rs 8,701 crore during the quarter under review from Rs 8,118 crore reported for the previous corresponding period. All verticals showed healthy sequential growth, led by manufacturing, BFSI, Life Sciences and Healthcare, communications and media and retail and CPG.