23 April 2018 09:47:01 IST

TCS becomes first listed Indian co to hit $100-billion m-cap

On NSE, the stock jumped 4.56 per cent to ₹3,557.90

Shares of Tata Consultancy Services (TCS) today surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over $100 billion (₹6,80,912.10 crore).

Shares of the company today opened at ₹3,429, rising 4.39 per cent to touch an intra-day high of ₹3,557 on BSE. Following the uptick in the counter, the market capitalisation of the company swelled to ₹6,80,912.10 crore.

On NSE, the stock jumped 4.56 per cent to ₹3,557.90.

At the end of Friday’s trading session the the IT major commanded a m-cap which was ₹7,917.08 crore, just short of the $100 billion milestone at ₹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 per cent rise in March quarter net profit at ₹6,904 crore.

The Tata group flagship, which contributes around 85 per cent of the group’s profit, reported a revenue growth of 8.2 per cent at ₹ 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 per cent.

“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 ₹29 a share, taking the total payout to shareholders at ₹50 for the year. It has given out close to ₹26,000 crore to the shareholders in dividends and bonuses in the year.