With the robust quarterly earnings, IT bellwether Tata Consultancy Services (TCS) created history on Monday by emerging as the first Indian listed technology firm to cross the $100-billion mark in terms of market capitalisation (m-cap).
At 11.25 am, the company's shares were up 2.7% since Friday's close, to reach Rs 3,494.95.
Mukesh Ambani driven Reliance Industries had already touched the $100 billion mark but the current Bloomberg estimates show a m-cap of $89.36 billion.
Consolidated revenue for Q4 grew 8.2 per cent to Rs 32,075 crore from Rs 29,642 crore in same period year ago and 3.8 per cent sequentially from Rs 30,075 crore quarter ago.
Chandrasekaran also said he would like to thank his shareholders for their continued support.
The Nifty IT index hit an all-time high on Monday. TCS forms close to 4.5 per cent of the Bombay Stock Exchange's total market cap of ₹151 lakh crore. Shares of TCS closed at Rs 3,415.20 per scrip, up 0.26 per cent. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore.
"TCS had surged by almost 7 per cent on Friday, making investors richer by over Rs 40,000 crore in a day".
Of the 195 countries in the world, 128 nations have a GDP of roughly $100 billion - which is less than the market cap of the Tata Group-owned consultancy in question. "Having delivered over 22 per cent CAGR (compounded annual growth rate) returns over its 14 years of listing, it has made many Indians wealthy in its journey", he added. "TCS is aiming to become 100 per cent agile by 2020, all employees are now under training to achieve this goal", added Kumar.
Speaking to PTI, TCS CEO and Managing Director Rajesh Gopinathan said Business 4.0 is thought leadership framework to help customers leverage digital technologies to address their growth and transformation agendas. It's now outstripped Goldman Sachs Group Inc. and joined the ranks of the world's 100 largest corporations, based on Friday's closing prices. However, TCS is probably the only company that remained totally unaffected. TCS' commentary that despite the blip in retail, it should grow in double-digits in FY19 led to positive sentiment around the stock.
"We expect the IT major's strong processes, execution engine and operational efficiency to drive its performances going forward as well, given that these factors are structural and give it a competitive advantage vs peers", he further said. While TCS holds the top spot among them, companies like Reliance Industries, HDFC Bank, ITC, HUL, HDFC, Maruti Suzuki and Infosys, among others, are also on the list.