The country’s top software exporter, Tata Consultancy Services (TCS), today toppled its main rival, Infosys, as the most valued IT company in the country.
Shares of TCS rallied over six per cent on the Bombay Stock Exchange, taking its market capitalisation to Rs 1.62 lakh crore, higher by Rs 3,470 crore than Infosys’ Rs 1.59 lakh-crore valuation.
The Tata Group company is now the fourth-most valued company in the country. Mukesh Ambani-led Reliance Industries is the most valued firm with market valuation of Rs 3.47 lakh crore as of today, followed by state-run ONGC and NTPC in that order. Infosys is at the fifth place.
TCS’s over 24 per cent rise in the April-June quarter profit at Rs 1,906 crore saw its shares surging on BSE.
“TCS results were above the street and our expectations. The company has positively surprised us by reporting a strong 6.4 per cent sequential growth in dollar-term revenue,” said domestic brokerage firm Sharekhan.
