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TCS Crosses Rs.11 Trillion Market Capitalization, 2nd Company After RIL

Pritish raj by Pritish raj
December 28, 2020
in News
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TCS Profitable Employees Shares- Next Big Brand

TCS Shares- Next Big Brand

The market capitalisation of Tata Consultancy Services Ltd soared past Rs. 11 trillion on Monday, making it the second Indian company to achieve this milestone after Reliance Industries Ltd.

TCS shares jumped almost 1.2 percent intraday to cross an all-time peak of ⁇ 2942 a piece with a market capitalization of ⁇ 11.03 trillion on the BSE. So far, this year, the script has expanded by 36%.
With an MCA of $12.75 trillion, Mukesh Ambani-led Reliance Industries Ltd remains India’s most valued firm.

According to Bloomberg, 26 of the 47 brokerages tracking TCS recommended buying, 14 retained selling, while 7 placed a hold rating on the market. On 8 January, the firm will report its results.

After Infosys and Wipro recently won multi-million dollar deals with German firms, the latest spike in TCS stock was driven by a rally in IT firms.

The main strengths of TCS are pent-up demand from covid-19, return in the form of broad IT outsourcing contracts, and underlying market transformation, analysts said.

The company’s plan to buy back up to 53.33 million equity shares at ⁇ 3,000 a share for an aggregate sum not exceeding ⁇ 16,000 crores was approved last month by TCS shareholders. The buyback began on December 18 and will close on January 1.

“Digitalization at scale and COVID-19’s acceleration of Work From Anywhere has boosted technology demand across industry verticals and geographies. Moreover, we note that IT outsourcing has seen strong pick-ups (lasting at least two years) after previous crises (such as Y2K and the GFC). These factors support our forecast of a third wave of IT outsourcing in FY21-23E,” Goldman Sachs said in a note.

Reliance Industries of billionaire Mukesh Ambani is the most valued company with a market valuation of about 12.64 trillion, followed by Tata Consultancy at about 11 trillion, HDFC Bank at about 7.69 trillion, Hindustan Unilever at about 5.63 trillion and Infosys at about 5.26 trillion

After the nationwide lockdown was declared due to covid, Indian stocks plummeted more than 20 percent in March; they not only recovered the losses but also reached new highs in November and December.

For certain firms, the pandemic has created huge opportunities. For pharmaceutical and chemical firms, the technology sector, for offshoring and remotely operated industries, it has created tremendous opportunities,” said analysts at HDFC Securities.

There are at least three other companies which, if the market rally continues in 2021, are within striking distance of joining the exclusive club. They include Housing Development Finance Corp., a mortgage lender with a market cap of about 4.44 trillion, Kotak Mahindra Bank with a market capitalization of about 3.88 trillion, and ICICI Bank with a market value of about 3.54 trillion.

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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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