After RIL, TCS mkt cap crosses ₹6 L cr

MUMBAI: Tat a Consultancy Services Ltd (TCS), India’ s largest software services firm, on Wednesday became the second Indian company to cross ₹6 lakhcro rein market capital is at ion after a 17% rally in its stock so far this year.

The stock touched a record high of ₹3,254.80 on the BSE, and gained as much as 4.89% in intraday trading. It closed at ₹3,174.60 on the BSE, up 2.3% from its previous close. TCS’ market cap is now ₹6.07 lakh crore. Since the start of this year, the stock has added nearly ₹1 lakh crore to its market capitalisation.

Reliance Industries Ltd is the country’s first company to cross ₹6 lakh crore in market cap.

TC Sis way behind global technology firms in terms of market capitalisation. It holds the 17th position among the most valuable global technology firms.

Apple Inc is the biggest tech company by market cap at $900.41 billion, followed by Alphabet Inc ., Microsoft Corp., Amazon.com Inc. and Tencent Holdings Ltd with $814.89 billion, $708.97 billion, $656.57 billion and $573.94 billion, respectively.

Among all listed global companies, RI Li sat 118 th while TCS ranks 119th. The recent surge in TCS shares was triggered by three large orders won by the company since it announced its December quarter earnings.

IT stocks have been gaining since the start of the year after Morgan Stanley Research predicted that Indian IT services stocks may be set for a turnaround in 2018. So far this year, TCS has gained 17.56%, Infosys Ltd has risen 14%, Wipro Ltd 0.11%, HCL Technologies Ltd 14.4% and Tech Mahindra Ltd 19.35%, among others.