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TCS Becomes 2nd Indian Company After Reliance To Cross Rs 10 lakh crore Market Cap

Pritish raj by Pritish raj
October 5, 2020
in News
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TCS Market Cap- Next Big Brand

TCS Market Cap- Next Big Brand

On Monday, Tata Consultancy Services(TCS) became the second Indian company to achieve a market cap of more than Rs 10 lakh crore after Reliance Industries, supported by a rally in its share price. 

The stock jumped more than 6 percent in morning trade ahead of its board meeting later this week to discuss a share buyback plan. 

To hit its record high of Rs 2,678.80 on the BSE, the stock increased by 6.18 percent.  It zoomed to Rs 2,679 by 6.16 per cent — its all-time high on the NSE. 

The company’s market value soared to Rs 10,03,012.43 crore in afternoon trading on the BSE following the rally in its share price. 

After Reliance Industries Limited, TCS became the second Indian firm to have a market cap of over Rs 9 lakh crore last month. 

In terms of market capitalisation, it is the second most important domestic company.

Meanwhile, the first Indian company to have reached the Rs 10 lakh crore market valuation mark is Reliance Industries Limited. Currently, its market valuation is Rs 15,02,355.71 crore-the highest for any company listed in the country.

In a regulatory filing on Sunday night, TCS said that “… at its meeting to be held on October 7 , 2020, the board of directors will consider a plan to buy back the company’s equity shares.”

There were no other aspects of the buyback agreement disclosed.

At that meeting, the TCS Board is also expected to evaluate its financial results for the September quarter and to announce a second interim dividend to equity shareholders.

The Mumbai-based business conducted a share buyback scheme worth up to Rs 16,000 crore in 2018.

The buyback, at Rs 2,100 per share of equity, involved up to 7.61 crore shares. TCS undertook a similar share acquisition initiative in 2017 as well.

The mega buyback offer was revealed by TCS as part of its long-term capital allocation programme to return surplus cash to shareholders.

Analysts say that buybacks are good for a company’s shares as it demonstrates the trust of management in the company. Buybacks also minimise a company’s number of outstanding shares, resulting in greater earnings per share.

Indian IT services firms have seen companies rebound as clients invest internationally in technology and automation to drive their business after a poor first quarter. As remote work becomes popular, Indian firms have helped clients allow their workers to work remotely, while adding a security layer for their applications. They also help multinational companies move their software to the cloud or the internet.

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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