In terms of market capitalisation, TCS has the largest market-cap and is ahead of companies like Reliance Industries, HDFC Bank, ITC, Hindustan Unilever.
Tata consultancy Services (TCS) has become the first Indian $100 billion- dollar company in terms of market capitalisation (market-cap), after the stock of the IT bellwether hit a new high on Monday.
The stock hit a new high of Rs 3,499, up 2.7% in intra-day trade, extending its Friday’s 6.7% surge, as the company reported better-than-expected March quarter earnings in post market hours on Thursday. TCS also announced 1:1 bonus shares i.e. one bonus shares of Rs 1 face value each for every share held in the company to its investors.
The 10% rise in the company’s scrip in past two trading days helped it cross Rs 6.69 trillion ($101 billion) in market-cap at 09:55 am, the BSE data shows.
Currently, the rupee is trading at 66.21 against the US dollar. TCS is currently accounted 11% of the total Sensex market-cap of Rs 60.81 trillion market-cap.
In terms of market capitalisation, TCS raks ahead of Reliance Industries, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys.
Most analysts are now bullish on the stock and have revised their target price. At least half a dozen foreign brokerages increased their price target for the stock by over 15 per cent post the results announcement last week.
Brokerages see TCS’ positive commentary on banking and financial services staging a comeback and higher growth in digital services as a huge momentum to their double digit growth plans for FY19.
In its recent report, analysts at Nomura, however, have maintained a reduce rating on the stock with a target price of Rs 2,750.