Tata Consultancy Services has recorded history in the stock market. TCS has become the first such company to acquire a market cap of $ 100 billion ie 6.60 lakh crore. According to market capitalization, while trading with the market opening on Monday, TCS made its way into the $ 100 billion club. Such a record has not yet been made by any company in the country.
TCS shares rose 4.41 percent in the first hour after the market opened on Monday. A record high of nearly 140 points was recorded. On Friday, TCS closed at a level of 3,402 (when the market was closed) on Friday. On Monday, TCS started at 3,424 level. But, in the first hour of business, TCS's share reached a new level of 3,545.
Market cap crosses 6.60 lakh crore in 15 minutes
According to the NSE data, in the first fifteen minutes, TCS's market cap crossed the level of 6,62,726.36 million. At the same time, on Friday, TCS's shares rose by about Rs 40,000 crore. It was a tremendous surge in the company's valuation in one day.
In April last year, Reliance Industries (RIL), a company owned by Mukesh Ambani, became the country's most valued company in terms of market cap. At present, RIL's market capitalization value is Rs 4,60,518.80 crores, but it is far from the club. Let me tell you, last year RIL had left behind Tata Consultancy (TCS) in the matter of market cap. But, now it's not even around TCS.
Better than expected profit
Under the leadership of CEO and MD Rajesh Gopinath, TCS had given very good results during March-March quarter. On the other hand, in the last week of Thursday, TCS announced a rise of 4.48 percent in its year-on-year profit. During the quarter, the consolidated profit of the company was Rs 6,904 crores. This profit is better than the company's expectations.
Chairman expressed hope
At the same time, joining the club, Tata Group Chairman N Chandrasekharan said that the company had been waiting for this opportunity for a long time. Chandrasekharan expressed hope that the company is ready to perform better in the coming quarter.