Tata Consultancy Services (TCS) shares halted a four-day winning streak but remained within inches from a record high registered on Wednesday. The market capitalisation of India's second most valuable company stayed close to the Rs 14.5 lakh crore mark, a day after hitting the $200 billion mark (Rs 14.7 lakh crore) for the first time ever.
At 10:25 am, TCS shares traded with a cut of Rs 26.9 or 0.7 percent at Rs 3,927.9 on the BSE, underperforming the 30-scrip Sensex benchmark, which was up 0.3 percent. The market capitalisation of TCS - the country's largest IT service provider - stood at Rs 14,52,950.4 crore, exchange data showed.
In the past four days, TCS shares jumped 4.8 percent to break a series of records.
On Wednesday, TCS stock had hit an all-time high of Rs 3,981.6, days after the overall market value of the Tata Group reached the $300 dollar mark for the first time. At the peak, Tata Consultancy Services' mcap hit Rs 14,72,795.8 crore ($200.4 billion at $1 = Rs 73.5).
IT stocks have rallied in the recent past amid stronger demand for technology across sectors to tackle the coronavirus crisis.
The recent surge in TCS shares cements the IT giant's position as the country's second-largest company in terms of market value, behind Reliance Industries.
Here's a look at India's top 10 companies by mcap:
|Company||Market cap (in lakh crore rupees)||Wednesday's closing price (in rupees)|
|RELIANCE INDUSTRIES LTD.||15.1||2379.0|
|TATA CONSULTANCY SERVICES LTD.||14.6||3954.8|
|HDFC Bank Ltd||8.6||1547.1|
|HINDUSTAN UNILEVER LTD.||6.5||2775.6|
|HOUSING DEVELOPMENT FINANCE CORP.LTD.||5.1||2815.3|
|ICICI BANK LTD.||5.0||714.1|
|Bajaj Finance Limited||4.5||7414.8|
|BHARTI AIRTEL LTD.||4.0||725.6|
|STATE BANK OF INDIA||4.0||443.9|
Meanwhile, a top TCS executive said this week that Indian IT companies are not just enhancing tech and operational efficiencies of businesses globally but also playing an important role in their transformation journeys.
This reflects how the industry has steadily moved up the value chain, TCS Chairman (North America) Surya Kant said.