TCS beats Accenture to become world’s most valuable IT company
09 Oct 2020
On Thursday, the total market cap of TCS soared to Rs10,56,785 crore ($144.73 billion), which was the highest among all IT companies in the world.
Accenture, which was at No1 position till then, had a market capital of $143 billion, while IBM was way below with $118 billion.
On Thursday, TCS share price went up to Rs2,825, which is an increase of 3.19 per cent, compared to a day before.
TCS stock was boosted by its announcement of a share buyback programme worth Rs16,000 crore, besides a dividend of Rs112 per share, which further cemented investor confidence.
Despite the pandemic, the company reported a record Rs7,475 crore profit in the quarter ended 30 September 2020.
TCS has also announced a salary hike for all 4.5 lakh employees in India and abroad, effective October.
The company has already hired around 15,000 to 16,000 freshers and has announced plans to hire a total of 20,000 employees this fiscal.
TCS is now in a position to set higher benchmarks with the best talent and motivation to perform even better.
Investors are now confident on this Tata-owned IT behemoth to deliver even more stunning results, as it is crowned world’s biggest IT company.
On Friday, TCS stock shed some weight at Rs2,814.95, bringing the total market cap to Rs10,52,988 crore ($144.73 billion), still holding the top position.