Jul 24 2014 : The Times of India (Delhi)
TCS first Indian co to top Rs 5 lakh cr
Reeba.Zachariah @timesgroup.com
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Mumbai:
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World's Second Most Valuable IT Services Firm
Outsourcing giant Tata Consultancy Services (TCS) became the first Indian company to cross the Rs 5 lakh crore mark in market capitalization on Wednesday .
In the process, TCS also became the second most valuable IT services company in the world, ahead of Accenture but behind IBM. TCS's market valuation rose to about Rs 5.1 lakh crore (about $84 billion), the highest since its listing l0 years ago, well ahead of Accentu re's $51 billion, but way behind IBM's $193.7 billion.TCS's market cap is bigger than the combined market cap of the other four do mestic IT players in the pecking order, Infosys ($31.7 billion), Wipro ($23.3 billion), HCL Technologies ($17.9 billion) and Tech Mahindra ($8.5 billion). The software services firm's market cap is also bigger than the combined market cap of the other 31 listed Tata group companies ($57.2 billion).
Shares of TCS have risen nearly 9% since it announced robust first quarter earnings last week -$845 million net profit on $3.69 billion revenue. Several “buy“ ratings on TCS have been issued by analysts, who expect an eventful FY15 for TCS as its global customers up spending on IT services. The $13-billion TCS, established in 1948, which counts Cisco and HewlettPackard among its clients, won seven large deals in Q1 FY15.
Several brokerages have raised target price for the stock to Rs 3,100, 20% higher than Wednesday’s closing price of Rs 2,587.
In the process, TCS also became the second most valuable IT services company in the world, ahead of Accenture but behind IBM. TCS's market valuation rose to about Rs 5.1 lakh crore (about $84 billion), the highest since its listing l0 years ago, well ahead of Accentu re's $51 billion, but way behind IBM's $193.7 billion.TCS's market cap is bigger than the combined market cap of the other four do mestic IT players in the pecking order, Infosys ($31.7 billion), Wipro ($23.3 billion), HCL Technologies ($17.9 billion) and Tech Mahindra ($8.5 billion). The software services firm's market cap is also bigger than the combined market cap of the other 31 listed Tata group companies ($57.2 billion).
Shares of TCS have risen nearly 9% since it announced robust first quarter earnings last week -$845 million net profit on $3.69 billion revenue. Several “buy“ ratings on TCS have been issued by analysts, who expect an eventful FY15 for TCS as its global customers up spending on IT services. The $13-billion TCS, established in 1948, which counts Cisco and HewlettPackard among its clients, won seven large deals in Q1 FY15.
Several brokerages have raised target price for the stock to Rs 3,100, 20% higher than Wednesday’s closing price of Rs 2,587.
