TCS Becomes 1st Indian Company to Hit Market Valuation of 100 billion Dollars
According to a report on NDTV, Global brokerage Nomura however has 'reduced' on TCS shares, citing high valuations.
Mumbai, April 23: Tata Consultancy Services (TCS)'s market capitalisation or market value has hit 100 billion dollars today, becomes the first Indian company. TCS had announced its earnings after market hours on Thursday. The company posted a net profit of Rs. 6,925 crore -- up 4.6 per cent -- from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.
It also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18. Shares of TCS had surged by nearly 7 per cent on Friday, making investors richer by over Rs. 40,000 crore in a day. TCS has enterred the 100-billion dollar club, on the back of healthy earnings and management commentary.
However, according to a report on NDTV, Global brokerage Nomura has 'reduced' on TCS shares, citing high valuations. According to reports, TCS is also one of the world’s 100 most valuable firms by market valuation and the market cap is almost 2.5 times more than its nearest Indian competitor, Infosys. The stock is currently trading at Rs 3,509, up 3 percent.
(The above story first appeared on LatestLY on Apr 23, 2018 12:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).