TCS Hits Rs 15 Lakh Crore Market Cap, Achieving Historic Milestone

TCS Hits Rs 15 Lakh Crore Market Cap

VoM News Desk | February 6, 2024 | 12:39 PM IST | Breaking News | Follow on Google News

TCS Hits Rs 15 Lakh Crore Market Cap, Achieving Historic Milestone/Bloomberg

TCS Hits Rs 15 Lakh Crore Market Cap, Achieving Historic Milestone

Tata Consultancy Services (TCS), India’s largest IT firm, reached a historic milestone by achieving a market capitalization of ₹15 lakh crore in today’s trading session. This marks the first time the company has reached such a valuation. TCS shares gained 4%, reaching a new peak of ₹4,135 apiece, surpassing their previous best of ₹4,043. The stock’s sharp recovery from the October low of ₹2,926, up nearly 40% to date, contributed to this achievement.

Key Points:

1. Market Capitalization: TCS crossed the ₹15 lakh crore market cap, making it a significant milestone for the company.
2. Stock Performance: The stock’s surge came after gaining 4%, reaching ₹4,135 per share, surpassing the previous high of ₹4,043. The stock crossed the ₹4,000 mark after 12 months.
3. Deal Announcement: TCS recently won a new deal from Europ Assistance, a global assistance and travel insurance company, to enhance its global IT operating model. The deal involves TCS providing end-to-end enterprise IT application services and utilizing its AI platform, ignio AIOps, to transform Europ Assistance’s IT operations.
4. Financials: TCS reported a 2.48% QoQ drop in consolidated net profit to ₹11,097 crore in Q3 FY23. The company’s net profit was impacted by a one-time charge of ₹958 crore allocated towards settling a legal claim.
5. Tata Group Performance: The positive momentum extends to other Tata Group stocks, including Tata Motors, which recently crossed ₹3 lakh crore market cap, reclaiming its position as the country’s most-valued automotive company after seven years. Other Tata Group stocks like Trent, Titan, Tata Power, and Tata Consumer Products have also performed well.

TCS’s achievement of a ₹15 lakh crore market cap reflects its strong performance and positive sentiment in the market, driven by recent business deals and the company’s strategic initiatives.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.