The country's top software exporter Tata Consultancy Services' market capitalisation (m-cap) today crossed the Rs 2 lakh crore mark, a day after reporting better-than-expected jump of 32 per cent in its second quarter results.
Yesterday, led by strong services demand, the country's largest software firm TCS had reported a better-than expected 32 per cent jump in consolidated net profit to Rs 2,169 crore for the quarter ended September 30.
The total market valuation of the company rose by Rs 8,971.88 crore to cross Rs 2,01,532.88 crore mark as soon as the market opened for the trading. The company had a market capitalisation of Rs 1,92,561 crore at the end of the trade yesterday.
The surge in the market valuation in the TCS has helped the company cross its closed competitor Infosys Technologies whose market capitalisation stood at Rs 1,74,622.97 crore in the early morning trade.
Shares of the company soared nearly six per cent to touch a year-high level of Rs 1,040.70 on the Bombay Stock Exchange.
TCS' revenue increased by 24.9 per cent on Y-o-Y basis to Rs 9,286 crore (approximately USD 2 billion) in Q2, FY'11.
"The results are far better than what the market anticipated. The company has recorded double-digit growth across all verticals. This should have a positive impact on the stocks," Ashika Stock Broking Research Head Paras Bothra said.
Reacting to the results, Tata Consultancy Services Managing Director and CEO N Chandrasekaran had said that it has been a quarter of superior performance across the board, driven by volume growth of over 11 per cent.
"In uncertain economic conditions, our results are a milestone on the path to a strong demand recovery," he had said. The growth achieved in the past three months makes the company "positive" in its outlook for global demand, he added.
Meanwhile, Shares of TCS were trading at Rs 1,031.40 on the BSE, up 4.83 per cent from the previous close.
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