IT sector Current Affairs

TCS becomes India’s first $100 billion IT company

Tata Consultancy Services (TCS), the country’s largest IT outsourcing company created history by becoming the first Indian company to reach $100 billion market capitalisation (m-cap) milestone. Market capitalisation is value of company that is traded on stock market, calculated by multiplying total number of shares by present share price. The Indian IT giant hit $100 billion in market capitalisation after it crossed Rs 3,447 per share, assuming the current value of the rupee at 66.2150 against the US dollar.

Key Facts

With this, TCS joined the ranks of the world’s 100 most valued organizations and now ranks 97th. TCS has also overtaken outsourcing and consultancy giant Accenture which has market cap of $98.20 billion. TCS holds first position among most valuable international pure play technology services firms. INTL Business Machines Corp. (IBM) has market cap of $133.48 billion, but it has both hardware and technology services operations.

Currently there are 96 companies which have market cap of over $100 billion. In 2007, Mukesh Ambani led Reliance Industries Ltd., the telecoms-to-energy conglomerate was the first Indian company to cross the $100 billion mark. Currently, its market cap is at $89.36 billion.

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Debjani Ghosh to be first woman President of NASSCOM in 2018

The National Association of Software and Services Companies (NASSCOM) has named Debjani Ghosh its president-designate. She will succeed R Chandrashekhar after his tenure ends in March 2018. It will make her first female president global trade body representing software companies.

She is former Managing Director of Intel South Asia. She is also member of NASSCOM’s Executive Council and a trustee of NASSCOM Foundation.

National Association of Software and Services Companies (NASSCOM)

NASSCOM is global non-profit trade association (organisation) of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry. It facilitates business and trade in software and services and encourages the advancement of research in software technology.

It is registered under the Indian Societies Act, 1860. Its headquarters are in New Delhi. It has regional offices in Bengaluru, Chennai, Hyderabad, Kochi, Kolkata, Mumbai, Pune and Thiruvananthapuram.

The global trade body has over 2000 members, of which over 250 are companies from the China, EU, Japan, US and UK. NASSCOM’s member companies are in the business of software development, software services, software products, IT-enabled/BPO services and e-commerce.

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