TCS hits fresh record high with market cap of Rs 7 lakh crore
A month after hitting market cap of USD 100 billion, Tata Consultancy Services on Friday hit a record Rs 7 lakh crore m-cap. The stock also touched a fresh 52-week high.
The stock also touched a 52-week high of Rs 3,674.00.
Shares of information technology companies have witnessed a huge surge this year, largely on the back of a weaker rupee. The BSE Information Technology and Nifty IT indices are up 19-20 percent so far in this year. A weakening rupee is seen to be as a benefit for export-facing companies as it ensures better revenues for such firms.
The Indian currency has also had a weak run in this year so far, touching 68/USD levels in this year.
In 2018, TCS stock has managed to soar 36 percent, while its rival Infosys has risen 18 percent.
TCS was in the news last month after it created history when its market cap surpassed the sentimental USD 100-billion mark. In doing so, TCS also beat US-listed rival Accenture’s market capitalisation of $98 billion.
The IT firm had become a USD 25-billion company in 2010 and hasn’t looked back since. It crossed the USD 50-billion mark in 2013 and then the USD 75-billion figure a year later.
At 09:51 hrs Tata Consultancy Services was quoting at Rs 3,663.05, up Rs 58.25, or 1.62 percent, on the BSE. It touched an intraday high of Rs 3,674.00 and an intraday low of Rs 3,619.00.
