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.
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.