Tata Consultancy Services, India’s largest software exporter, has become the world’s most valuable IT company
By Rabindra Dhungel, 9 october 2020. Tata Consultancy Services, India’s largest software exporter, has become the world’s most valuable IT company.
Its market cap on the stock exchange reached ३ 144.73 billion, or 10.6 trillion rupees, on Thursday. For the first time, Tata has surpassed Accenture, the world’s No. 1 company.
Accenture has a market cap of ३ 143.4 billion on the Nasdaq. IBM has a market cap of ८ 118.2 billion.
Tata’s share price rose 3.19 percent to Rs 2,825 per share on Thursday. Its market cap on the Bombay Stock Exchange stood at ४ 144.73 billion.
TCS’s share price has been rising steadily due to its good performance in the second quarter.
The company has also recently unveiled a buyback plan of Rs 16,000 crore. The company is also paying a dividend of Rs 12 per share.
On an annualized basis, the company’s revenue grew by 3 percent in the September quarter.
Corona has boosted the company’s revenue as customers around the world spend more on cloud and other digital projects. Corona is increasing companies’ digital spending. According to analysts, the company’s performance has also improved due to rapid growth in areas such as banking, finance, retail and life sciences.
Currently, the company wants to expand its market. It wants to expand its reach to major markets around the world, including Europe. For this, the company has stated that it is going to compete in the big deals of Europe.