Financial management posted on : Apr 24,2018
TCS becomes the first Indian IT company to enter 100 billion dollar club
TCS becomes the first Indian IT company to enter 100 billion dollar club Tata Consultancy Services (TCS) became the first Indian IT company to reach the 100 billion dollar mark. After the share market opened on Monday, TCS managed to take its spot on the basis of market capitalization. On Monday, during the first hour of trading in the share market, shares of TCS were being traded at a hike of 4.41 percent. On 20th April, Friday, while the market was closing, the share of TCS were closed at 3,402 points and on Monday, during the opening time, the share price was at 3424 points. According to NSE reports, the market cap (market value) of TCS crossed 6,62,726.36 crore in the first 15 minutes of trading. On 20th April, the TCS shares increased 40 thousand crores to company's valuation. TCS was knocked down by RIL last year Last year in April, Mukesh Ambani's Reliance Industries Limited became the most costly company in the world after the gap of 4 years in terms of market capitalization. RIL's market capitalization cost was 4,60,518.80 crore. It knocked down TCS in terms of market capitalization. Tata Group emerged from Leadership crisis? It is worth considering that under the leadership of CEO and MD Rajesh Gopinath, TCS gave productive results in the March quarter. During the last week on Thursday, TCS declared 4.48 percent of growth on its year-on-year revenue. During this quarter, company's consolidated revenue was 6,904 crore rupees. This profit was more than what the company expected. After entering in the 100 billion dollars club, the Chairman of Tata Group, N Chandrasekaran said that the company was waiting for this opportunity for a long time. Chandrasekaran expressed hope that in coming quarters the company will perform better.