TCS Becomes First Indian Company to Reach $100 Billion Market Cap
Apr. 23, 2018Multinational IT company Tata Consultancy Services, commonly known as TCS, has become the first Indian company to reach the coveted $100 billion market cap figure. According to a recentreportfromET Markets, the company added over Rs. 40,000 crore to its valuation on Friday, reaching the milestone.
Consolidated net sales for the company in the March quarter rose 8.2 percent to Rs. 32,075 crore, over Rs. 29,642 crore in the same quarter last year. The company had reported a sales growth of 3.93 percent in the previous quarter, and 4.29 percent in the July-September quarter last year.
Speaking about the achievement,TataGroup Chairman N Chandrasekaran, was quoted saying,“It’s a special moment, a moment we have bee waiting for”.He added that he always believed that the opportunity in tech space and TCS is very large. Further, in a message to TCS shareholders, Chandrasekaran said that TCS is focussed on continuously creating value, adding that“TCS will continue to do very well in the coming months and quarters”.
Following the news of the company’s successful quarter, leading brokerages have raised their target price on TCS stocks by up to 28 percent as the company’s earnings in the March quarter beat market expectations.
