The market valuation of the Tata Group-owned IT giant Tata Consultancy Services on the Bombay Stock Exchange (BSE) exceeded $170 billion on Monday. However, the excitement was short-lived. The stock fell nearly 0.45% in afternoon trading and reached a value of $ 167 billion.
Indeed, on Monday, Tata Consultancy Services achieved this feat, beating Accenture. TCS’s market cap has crossed $ 169.9 billion (about Rs 12,43,540.29 crore). Last October also happened once, when the Indian IT giant overtook Accenture in terms of software company with the highest market cap. Tata Consultancy Services also holds the record for a company with a market cap of over 12 lakh crore in India after Reliance Industries.
IBM topped this market two years ago in 2018. During that time IBM’s total revenue was about 300% more than TCS. Accenture was named after it in second place. However, in April last year, TCS’s market crossed $ 100 billion.
Most recently, on 8 January, Tata Consultancy Services announced its third quarter results. The company’s performance in the third quarter was quite impressive. Since then, the stock has remained bullish. The company’s consolidated profit for the quarter ended 31 December 2020 stood at Rs 8,701 crore, which was estimated to be 8515 crore. The company’s consolidated profit in the previous quarter was Rs 8,433 crore. In the third quarter, the company saw a 16.4 per cent increase in the company’s profits quarterly and 7.1 per cent year-on-year.