TCS market valuation races past Rs 13 lakh cr mark

At the close of trade, the market capitalization (mcap) of Tata Consultancy Services was Rs 13,14,051.01 crore on BSE.

The company reached this milestone after shares of the company jumped 2.32 percent to close at Rs 3,552.40 on BSE. During the day, it gained 2.54 percent to its 52-week high of Rs 3,560.25.

The IT major had in January this year breached the Rs 12 lakh crore market valuation mark.

TCS is the second most valuable domestic firm in terms of market valuation. Reliance Industries Limited is the country's most valued firm, with a market valuation of Rs 13,71,823.79 crore.

''Visibility of sustained earnings recovery in IT stocks in the backdrop of strong deal wins and encouraging guidance shared by managements in 1Q FY22 made investors lap up IT stocks,'' Binod Modi, Head Strategy at Reliance Securities, said.

Buying was also visible in other IT stocks, with Tech Mahindra, Infosys, HCL Technologies Limited, and Wipro closing the day with gains.

So far this year, Tata Consultancy Services shares have gained 23.76 percent.