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

Tata Consultancy Services (TCS) became the second listed company and the first information technology (IT) firm to cross the Rs 13 lakh crore market capitalisation after the IT share hit a record high on Tuesday. Mukesh Ambani-led Reliance Industries with market cap of Rs 13.71 lakh crore was the top ranked firm in terms of market cap in trade today.

TCS stock touched an intraday high of Rs 3,560.25, rising 2.55% against previous close on BSE.

Market cap of the firm rose to Rs 13.14 lakh crore on BSE. TCS share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In last nine sessions, TCS share has risen 8.52%. Total 1.60 lakh shares of the IT giant changed hands amounting to turnover of Rs 56.48 crore on BSE.

The IT stock has risen 57.74% in one year and gained 23.77% since the beginning of this year.

The share opened at Rs 3,484 against previous close of Rs 3471 on BSE.

The BSE IT index too was the top gainer today rising 766 points to 33,651. Strong June quarter performance reported by IT companies and healthy guidance helped these stocks to see a sharp rally.

"Investors have confidence in IT since this segment is on an expansion cycle which is expected to last 3 to 4 years," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

TCS reported a 28.5 per cent rise in June quarter net profit at Rs 9,008 crore compared to Rs 7,008 crore profit in the same period last year. However, TCS' net profit on QoQ basis declined 2.6 per cent.