TCS zooms 7% as market valuation nears $100 billion-mark

New Delhi: The shares of the country’s biggest outsourcer Tata Consultancy Services (TCS) surged around 7 per cent on Friday after the company posted a rise of 4.5 per cent in its Q4 net profit.
The shares of the IT major jumped 6.76 per cent to settle at Rs 3,406.40 on BSE. On NSE, the stock rose sharply by 6.62 per cent to close at Rs 3,402.45.
TCS stock was the biggest gainer on both the indices during the last trading day of the week. The company’s market capitalization or m-cap moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore (nearly $98 billion).
With this, the IT major has become the first Indian company in the history with a market valuation close to $100 billion.
“In terms of market capitalization, TCS has the largest m-cap and is ahead of companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. At the closing price of April 20, TCS’ m-cap is at approximately Rs 651,000 crore, which is 153 per cent higher than that of Infosys,” Deepak Jasani, Head, Retail Research, HDFC Securities, told news agency IANS.
The Tata group flagship, which contributes around 85 per cent of the group’s 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.

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