TCS Current Affairs
India’s IT major Tata Consultancy Services (TCS) became first listed company in India to close day’s trade with market capitalisation (m cap) of over Rs. 7 lakh crore (over $103 billion). M cap is value of company that is traded on stock market, calculated by multiplying total number of shares by present share price.
TCS achieved this feat after its board approved share buyback of 76,190,476 equity shares of Rs. 1 face value at Rs. 2,100 per share for about Rs. 16,000 crore (over $2 billion). The buyback size was 1.99% of the total paid-up equity share capital.
This is second time the global software major resorted to buy back its shares after it bought 5.61 crore shares in April 2017 for Rs. 16,000 crore at Rs. 2,850 per share.
The buyback was made from shareholders of Company on proportionate basis under tender offer route using stock exchange mechanism in accordance with provisions contained in SEBI (Buy Back of Securities) Regulations and Companies Act, 2013 and rules made thereunder.
Tata Consultancy Services (TCS), the country’s most valued and largest IT outsourcing company created history by becoming the first Indian company to reach Rs. 7 lakh crore market capitalisation (m-cap) milestone. M-cap is value of company that is traded on stock market, calculated by multiplying total number of shares by present share price.
TCS achieved this milestone, after its stock zoomed to fresh all-time high of Rs. 3,674 in intraday session on Bombay Stock Exchange (BSE), taking its market valuation to around Rs 7,00,236.83 crore. The m-cap has been calculated from its 52-week high price of Rs 3,674 on BSE.
TCS’s market valuation had earlier surged past Rs. 6 lakh crore ($100 billion) mark, making it second company to achieve milestone after Reliance Industries. Now it is country’s most valued firm, followed by Reliance Industries with market capitalisation of Rs. 5,83,908.87 crore, HDFC Bank (Rs 5,19,654.83 crore), HUL (Rs 3,42,244.47 crore) and ITC (Rs 3,30,919.46 crore) in the top five list.