TCS becomes first Indian IT firm to hit $200 m-cap

Tata Consultancy Services (TCS) crossed the $200 billion market capitalisation (m-cap) mark on Wednesday becoming the first Indian tech company to hit the said valuation.

As its scrip extended this years' winning streak, TCS's shares clocked a new lifetime high of Rs 3,980 before closing the day at Rs 3,955, a jump of 1.8% over the previous day's close. 

The IT services major's shares are up 35% this year in wake of a sharp rally in IT stocks. 

Also Read: TCS' market capitalisation crosses Rs 13 lakh crore for first time

Presently, Reliance Industries Ltd. (RIL) is the most valuable company with an m-cap of over $205 billion. 

TCS, which got listed on the stock exchanges in 2004, has completed 50 years in the business.

TCS's global competitors Accenture and IBM have a market cap of $216 billion and $122 billion, whereas domestic rival Infosys is valued at $99 billion.

The IT major posted a 28.5 per cent increase in consolidated net profit at Rs 9,008 crore for the first quarter ended June 30, 2021.

Also Read: TCS may bring employees back to office by year-end: CEO Rajesh Gopinathan

TCS had posted a consolidated profit of Rs 7,008 crore in the same quarter a year ago.

Consolidated revenue from operations increased by 18.5 per cent to Rs 45,411 crore compared to Rs 38,322 crore in the corresponding quarter of 2020-21.

The company's workforce crossed the 5-lakh mark at 5,09,058 with the highest-ever quarterly net addition of 20,409 people.