Tata Consultancy Services (TCS) hit a record high on Monday, taking its market capitalization – or market value – above Rs 9 lakh crore for the first time. The sharp rise in TCS shares was in line with the rally in IT shares, with HCL Technologies upgrading its revenue and operating margin outlook for the September quarter. On the BSE, TCS stock rose 5.50 percent to Rs 2,504.20 during the session, slightly strengthened during the day at Rs 2,377.00 as compared to its previous close of Rs 2,377.70.
TCS shares ended the day up by 5.00 per cent, or Rs 118.60 – at Rs 2,492.30 per share, beating the benchmark S & P BSE Sensex index, which fell 0.75 per cent in a volatile session.
This makes the Nifty IT Index among the top 10 IT companies in the country – up 4.68 per cent, with all its constituents finishing the day in positive territory. This marked the index’s largest single-day jump since July 15.
At the current level, Tata Consultancy Services has a market value of Rs 9.35 lakh crore, the only company to surpass this milestone after the country’s most valuable company, Reliance Industries. (Track TCS Share Here)
TCS had a market capitalization of Rs 9.40 lakh crore during the session.