TCS shares hit a record high, taking the market capitalisation of the IT major above the Rs 13 lakh crore mark.
Tata Consultancy Services (TCS) shares clocked a record high on Tuesday. The rise in the stock of TCS -- the country's largest IT services exporter -- took the market capitalisation (mcap) of the company above the Rs 13 lakh crore mark.
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The TCS stock closed higher for the ninth trading session in a row. With that, it matched a winning streak seen in October last year.
During the session, TCS shares jumped as much as 2.55 percent to a record Rs 3,560.25 on BSE - their highest intraday level recorded since May 2018, when the company had announced a 1:1 bonus for its shareholders.
The TCS stock ended 2.32 percent higher for the day at Rs 3,552.40 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index, which rose 0.38 percent to a record high.
At the close, the market capitalisation of Tata Consultancy Services stood at Rs 13.10 lakh crore, having risen to as high as Rs 13.17 lakh crore earlier on Tuesday.
"India's IT sector is on a roll. The pandemic sending digitisation into a fast forward mode has improved the prospects of IT companies. India's IT majors expect this upcycle to continue for 3-4 years," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"However, the non-availability of requisite talent, high attrition levels and rising employee costs are likely to pose challenges for the industry," he added.
Last month, TCS had reported a 28.5 percent jump in net profit to Rs 9,008 crore for the quarter ended June 30, missing Street estimates. The IT major had posted 18.5 percent growth in consolidated revenue to Rs 45,411 crore for the first quarter of the current financial year.
First Published: Aug 17, 2021 1:33 PM IST