Published: Sat, April 21, 2018
Technology | By Russell Knight

TCS set become first Indian company cross $100 billion mark

TCS set become first Indian company cross $100 billion mark

Tata Consultancy Services (TCS) has played a stellar role in helping the Tatas to become the first private business group to enter the Rs 10-trillion market capitalisation league.

Mumbai: Information technology bellwether Tata Consultancy Services (TCS) is closed to hitting the $100-billion mark in terms of market capitalisation as its share price surged almost 7 per cent on Friday, adding about $6.2 billion to its valuation.

The Nifty IT index on Friday registered a lifetime high on weak rupee against the United States dollar and a robust growth guidance by Tata Consultancy Services. Market circles are of the view that if the good run continues, the $100-billion record may be attained next week. Therefore, it comes as no surprise that investors gave a thumbs-up to TCS shares, which jumped 6.55 percent to Rs 3,400 in morning trade on Friday on the BSE. During the day, it soared 7.22 per cent to its 52-week high of Rs 3,421.25.

Consolidated revenue for Q4 grew 8.2 per cent to Rs 32,075 crore from Rs 29,642 crore in same period year ago and 3.8 per cent sequentially from Rs 30,075 crore quarter ago.

Senate confirms Jim Bridenstine as NASA's administrator after months of uncertainty
His background includes service as a naval aviator and a stint as the director of the Tulsa Air and Space Museum and Planetarium. Echoing the mostly partisan divisions triggered by his nomination, Bridenstine was confirmed by a vote of 50 to 49.

TCS shares have gained 26.4 per cent during the year so far, against 1.2 per cent rise in the benchmark BSE Sensex index during the period.

Tata Consultancy Services (TCS) saw its market capitalisation swell to Rs 6,52,082.92 crore after posting higher than expected March quarter results.

At 2.48 pm shares of TCS were trading up 6.43 percent to Rs 3395.90 apiece.

With new CEO Salil Parekh trying to bring in stability, the Bengaluru-based company expects to grow at 6-7%, slower than the industry lobby forecast.

Bucks rout Celtics 116-92, cut series lead to 2-1
Add it all up and it was a rare recent victory for Washington, which had lost seven of eight games dating to the regular season. As that scene unfolded on the court, spectators directed "U-S-A!" Al Horford had 16 points to lead Boston.

Looking at the numbers, TCS has clearly emerged as the victor now, and Infosys has to do a lot more if it wants to remain in competition. "We have revised our earnings estimates for 2018-19E/2019-20E on account of the management's positive demand outlook for 2018-19".

TCS's performance was opposite of what the closest rivals Infosys Ltd who registered a downfall in their shares resulting into a drop in their market value. The brokerage firm has maintained its accumulate rating on the stock with a new target price of Rs3,462. "But, we do not see downside to the stock despite high multiple due to sector tailwinds and high cash returns", they said.

Gopinathan said TCS' early investments in digital technologies such as cloud, analytics and big data were paying off as the company remained well-positioned to transform clients' businesses.

IPhone SE refresh could be lacking a hugely popular feature
On Friday there was a burst of negative sentiment about Apple that left their stock down 4 percent after the market closed. Although, as per the reports and leaks , we could expect this phone to see in the market as early as next month.

Like this: