Mumbai April 20 (IANS) Shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose over 7 per cent to touch a new high of Rs 3 419.80 per share taking 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.
On closing (at 3.30 p.m.) the m-cap of the company stood at Rs 6 53 154.93 crore or some $98.18 billion on the BSE.
Shares of the company closed higher by 6.94 per cent at Rs 3 412 per scrip.
"In terms of market capitalisation 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 IANS.
"IT stocks have benefited today out of selling pressure in banking space and encouraging numbers of some large and mid-cap IT stocks. TCS has also declared bonus shares to its investors " he added.
The IT major s shares surged a day after its quarterly results announcement which reported a net profit for Q4 at Rs 6 925 crore -- up 4.6 per cent -- from Rs 6 622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6 545 crore a quarter ago.
The company on Thursday also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.
"The Board of Directors recommend 1:1 bonus share issue to the shareholders " it said in a regulatory filing on the BSE.
--IANS
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