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Varun Aggarwal Fourteen years after it listed its shares, IT behemoth Tata Consultancy Services has become the first and only Indian company in the sector to cross market capitalisation of $100 billion.
The crown jewel of the Tata Group has surpassed its global rival in the IT services space, Accenture, in market valuation.
TCS, which listed on August 25, 2004, had a stellar debut, claiming a 27 per cent premium to its issue price of ₹850. Even at listing, the company was worth over $10 billion, with revenues of over $1 billion.
Rebasing the listing price to adjust for two bonus issues, in July 2006 and June 2009, each in the ratio of 1:1, the stock has given returns of around 1,260 per cent in about 14 years.
After posting staggering fourth-quarter results on Thursday, TCS made history, with its market-cap soaring to ₹6,79,332 crore in intra-day trade on Monday before closing at ₹6,53,767 crore.
“It is a very proud moment for all of us,” Tata Sons Chairman N Chandrasekaran said in a statement. “TCS has been able to create value consistently by making the right investments, not only in terms of technology, but also in terms of creating capabilities, building leadership and talent, seeding new markets and developing scalable world-class solutions. I would like to thank our shareholders for their continued support.”
As organisations are transforming into real-time enterprises driven by data, analytics and automation irrespective of their business, TCS is well positioned to make an impact and continue to deliver value, he added.
According to PTI, TCS is the country’s most valued firm, followed by RIL with a market capitalisation of ₹5,92,428 crore, HDFC Bank (₹5,01,644 crore), ITC (₹3,35,801 crore) and Hindustan Unilever Ltd (₹3,14,939 crore) in the top-five list.
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