TCS Becomes 2nd Indian Firm To Cross Rs 9 Lakh Cr Market Valuation Mark As Stock Hits Fresh 52-Week High
Mumbai: Tata Consultancy Services (TCS), hitting a fresh 52-week high on Monday, has become the second Indian firm to attain a market valuation of over Rs 9 lakh crore after Reliance Industries Limited.
According to a The Hindu report, in early trade helped by a rally in its share price, the stock of the software services firm gained a record high of 2.91 per cent to Rs 2,442.80 on the BSE and 2.76 per cent to a lifetime high of Rs 2,439.80, on the NSE.
With this, it becomes the second most-valuable domestic firm in terms of market capitalisation after its market valuation rose to Rs 9,14,606.25 crore on the BSE in early trade.
According to a BNP Paribas report, IT Services sector is best placed to beat the work from home blues. “IT services are best positioned wherein we see EBIT gains of up to 2-5 per cent for the large companies even if they are able to retain half of the cost savings over the medium term,” said the report.
Reliance Industries Limited was the first Indian firm to achieve the Rs 9 lakh crore market valuation mark in October last year. Its market valuation is currently at ₹15,78,732.92 crore – the highest for any listed company in the country.