TCS’s shares at new high post Q4 results, m-cap close to $100 bn

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Mumbai, April 20 (IANS) Shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose over 7 per cent to touch a new high of Rs 3,419.80 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

With this, the IT major emerges as the first Indian company with a market capitalisation of close to $100 billion.

On closing (at 3.30 p.m.), the m-cap of the company stood at Rs 6,53,154.93 crore or some $98.18 billion on the BSE.

Shares of the company closed higher by 6.94 per cent at Rs 3,412 per scrip.

“In terms of market capitalisation, TCS has the largest m-cap and is ahead of companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. At the closing price of April 20, TCS’ m-cap is at approximately Rs 651,000 crore, which is 153 per cent higher than that of Infosys,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

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“IT stocks have benefited today out of selling pressure in banking space and encouraging numbers of some large and mid-cap IT stocks. TCS has also declared bonus shares to its investors,” he added.

The IT major’s shares surged a day after its quarterly results announcement which reported a net profit for Q4 at Rs 6,925 crore — up 4.6 per cent — from Rs 6,622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

The company on Thursday also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

“The Board of Directors recommend 1:1 bonus share issue to the shareholders,” it said in a regulatory filing on the BSE.

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–IANS

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