TCS first Indian company to touch $100 bn in market cap

TCS shares rose 2.65% on Monday to Rs3,496

For the first time ever, Tata Consultancy Services has surpassed the huge $100 billion mark on Monday. Reliance Industries Limited was the first Indian company to cross $100 billion in 2007, but its market capitalisation is now $89.36 billion, Mint reported. Bill Gates' Microsoft has an m-cap of $731 billion. Its nearest competitor Reliance Industries Ltd needs to rally 13 per cent to become the most valued firm.

The IT major - whose shares rose over four per cent to a new high of Rs 3,557 per share on the BSE during market hours - overtook its global peer Accenture, which has a market value of $98 billion dollars. So if TCS were a country and its market cap were counted as GDP, it would beat the likes of Belarus, Luxembourg, Bulgaria and Sri Lanka - all of whom have a gross domestic product of less than $100 billion. "However, even with growth acceleration in FY19, we expect earnings CAGR of around 10-11%", said Credit Suisse in note dated April 19. In fact, its valuation at Rs 6.54 lakh crore was more than the combined market value of Rs 6.12 lakh crore of Infosys, Wipro, HCL Technologies and Tech Mahindra. Therefore, Monday's $100 billion breaching was an expected event, said Suresh Avunni, a Kochi-based market analyst.

"Last year, we had crossed $3 billion (in digital revenue).It has grown 35%, it has grown faster than it had grown last year. TCS continues to execute dependably for a company of its size", Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS. "TCS is aiming to become 100 per cent agile by 2020, all employees are now under training to achieve this goal", added Kumar.

".what is exciting for us is the whole business 4.0 journey and the great opportunity to be a digital partner of choice to our customers in their growth and transformation journey", he added. However, TCS is probably the only company that remained totally unaffected.

TCS CEO Rajesh Gopinathan has called the IT giant's growth a "turnaround" performance.

TCS proved to be the flagship company for the Tata Group, accounting for 85 per cent of the group's profit.

With the rise of automation, mobile, AI, and cloud computing, TCS, which today generates almost United States dollars 167 billion of revenue yearly, is undergoing a transition phase and facing cut-throat competition.

TCS, which listed on August 25, 2004, had a stellar debut, claiming a 27 per cent premium to its issue price of ₹850.

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