Shares of Tata Consultancy Services (TCS) jumped 6.5 per cent last week after the company reported a 4.4 per cent rise in March quarter net profit and guided towards a better show in fiscal 2019.
This has taken 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.
The stock, after making a positive opening, further soared 6.55 per cent to hit its 52-week high of Rs 3,399.90 on BSE. On NSE, shares of the company surged 6.54 per cent to its one-year high of Rs 3,399.90.
The company’s quarterly results were announced post market hours yesterday.
The stock was the biggest gainer on both key indices, Sensex and Nifty. The firm’s market valuation zoomed Rs 37,702.06 crore to Rs 6,45,880.63 crore.
In terms of equity volume, 5.54 lakh shares of the company were traded on BSE and over 56 lakh shares changed hands on NSE on the friday morning session.
Buying was also seen in other IT stocks, with Infosys trading higher by 3.49 per cent and Wipro 1.92 per cent on BSE.
Stating that fiscal 2017-18 has been a “sobering year” on slower revenue growth, the nations largest software exporter TCS yesterday reported a 4.4 per cent rise in March quarter net profit at Rs 6,904 crore.
The Tata group flagship, which contributes around 85 per cent of the groups profit, reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.
It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.