Tata Consultancy services (TCS) on Monday briefly become the world’s largest IT Company. after its market valuation on the BSE rose beyond $170 billion. its stock fell nearly 0.45%. afterwards, brining down its valuation to $167 billion. TCS surpassed Accenture, which has a market capitalization of $168 billion on the NYSE. TCS continues to be India’s largest IT company.
The dramatic rise in TCS’ m-cap came after it crossed the $100 billion mark last year in April after overtaking Accenture. Before that, IBM was at the top in 2018, with 300 per cent more revenue than TCS, followed by Accenture.
TCS surpassed Accenture to become the world’s most-valuable information technology firm for the first time on October 9, 2020. In India, TCS share is currently trading 0.42 per cent or Rs 13.9 up at Rs 3,317 on the NSE, as compared to its previous session close of Rs 3,303.1.
Four of the top 10 valued firms added a total Rs 1,15,758.53 crore to their combined market valuation last week. Among these companies, Reliance Industries Limited, Tata Consultancy Services (TCS), Hindustan Unilever Limited and Bajaj Finance witnessed a rally in their m-cap.
TCS, the country’s largest software exporter, reported a 7.01 per cent year-on-year rise in its consolidated net profit at Rs 8,701 crore for the third quarter ended December 31, driven by strong demand for its cloud services during pandemic.
The IT bellwether said it was the strongest third quarter growth in the last nine years. The Mumbai-headquartered company had posted consolidated net profit of Rs 8,118 crore in the same quarter of last financial year.