Tata Consultancy Services (TCS) shares soared to a record high on Monday, taking its market capitalisation – or market value – above the Rs 9 lakh crore for the first time ever. The sharp gain in TCS shares was in line with a rally across IT stocks, after HCL Technologies upgraded its revenue and operating margin outlook for the September quarter. On the BSE, the TCS stock jumped as much as 5.50 per cent to Rs 2,504.20 apiece during the session, having started the day slightly stronger at Rs 2,377.00 compared to its previous close of Rs 2,373.70.
TCS shares ended the day with a gain of 5.00 per cent – or Rs 118.60 – at Rs 2,492.30 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index, which finished a volatile session 0.25 per cent lower.
That pushed the Nifty IT index – comprising stocks of 10 major IT companies in the country – 4.68 per cent to a record closing high, with all of its components finishing the day in the positive territory. That marked the index’s biggest single-day jump since July 15.
At the current level, Tata Consultancy Services’ market value stands at Rs 9.35 lakh crore, making it only the second company to cross this milestone after the country’s most valuable company, Reliance Industries. (Track TCS Shares Here)
During the session, the market capitalisation of TCS had risen to as high as Rs 9.40 lakh crore.