TCS becomes first Indian IT company to hit $100 billion market capitalisation

Tata Consultancy Services(TCS) becomes first Indian IT company to hit $100 billion market capitalisation.The market value of the company stood at Rs 6.53 lakh crore on Monday.On Friday, the company added over Rs 40,000 crore to its valuation and was just  achieving the milestone.

Tata Group Chairman N Chandrasekaran

On BSE, shares of the company rose 4% or ₹142.60 during the morning session to touch a new all time high of ₹3,549, which pegs the market capitalisation at ₹6.78 lakh crore or a little over $100 billion.

Tata Group Chairman N Chandrasekaran, said,
It’s a special moment, a moment we have been waiting for. We always believed that the opportunity in tech space and TCS is very large.

The shares have been on an upswing ever since the company reported a 3.8% quarter-on-quarter growth in fourth-quarter revenue at ₹32,075 crore.

The biggest target price increase came from Jefferies while JM Financial, Edelweiss, CLSA, HSBC and Kotak Institutional Equities increased their target prices by 1-15 per cent.