TCS scripts history, becomes first Indian company to hit $100 billion market cap

IT bellwether TCS on Monday created history by becoming the first Indian listed company to hit the coveted $100 billion m-cap figure.
 
At 09:49 am, the market value of the company stood at Rs 6,62,726.36 crore. On Friday, the company added over Rs 40,000 crore to its valuation and was just shy of achieving the milestone.
 
At 09:52 am, shares of the company were trading at Rs 3,478 apiece, up 2.10% on BSE.
 
The Rajesh Gopinathan-led company came out with flying colours in its March quarter results released last week. TCS on Thursday reported a 4.48% year-on-year (yoy) rise in consolidated net profit at Rs 6,904 crore for the March quarter. The number topped Rs 6,812.5 crore profit estimate by analysts in an ETNow poll.
 
Consolidated net sales for the quarter rose 8.2% to Rs 32,075 crore compared with Rs 29,642 crore in the year-ago quarter. The company had reported a sales growth of 3.93% in October-December and 4.29% in July-September.
 
Read: TCS CEO sees little competition in the medium term on its new Business 4.0 strategy
 
Tata Group Chairman N Chandrasekaran, said, "It's a special moment, a moment we have been waiting for." He added he always believed that the opportunity in tech space and TCS is very large.
 
In a message to the shareholders, Chandrasekaran said TCS is focussed on continuously creating value. "TCS will continue to do very well in the coming months and quarters," he further added.
 
Leading brokerages have raised their target price on Tata Consultancy Services’ stock by up to 28% as the company’s March quarter earnings beat market expectations.
 
The biggest target price increase came from Jefferies while JM Financial, Edelweiss, CLSA, HSBC and Kotak Institutional Equities increased their target prices by 1-15%.
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