TCS crosses USD 100 billion market cap, first desi IT Co to reach milestone

The IT bellwether’s market capitalisation went past $100 billion (Rs 6,80,912.10 crore) in morning trade and is only the second Indian firm to cross this milestone. Shares of TCS climbed 4.42 per cent to a record high of Rs 3,557 apiece in intra-day trade on the BSE. 

However, it gave up the most of its early gains and ended the day almost flat at Rs 3,415.20. At close, the company’s market valuation declined to $98.8 billion (Rs 6,53,767.50 crore). This is the first time in more than a decade that a domestic firm has crossed the milestone after Reliance Industries’ market capitalisation crossed $100 billion on October 18, 2007. On the NSE, TCS shares settled at Rs 3,408.65, up 0.18 per cent. 

On market capitalisation of TCS crossing $100 bn mark, Tata Sons Chairman N Chandrasekaran said it is a proud moment for “all of us.” “TCS has been able to create value consistently by making the right investments not only in terms of technology, but also in terms of creating capabilities, building leadership and talent, seeding new markets and developing scalable world class solutions,” he said. 

“I salute @TCS for contributing to 5 per cent of our GDP n becoming India’s first $100 bn mkt cap co. A truly global milestone that makes every Indian proud! @RNTata2000,” Biocon Chairman and Managing Director Kiran Mazumdar Shaw said in a tweet.