Business

India's TCS crosses US$100-b market value

Wednesday, April 25, 2018

Print this page Email A Friend!


MUMBAI, India (AFP) — Tata Consultancy Services (TCS) became the first Indian company in a decade to breach the US$100-billion market value barrier after stocks in the IT giant soared on Monday.

Shares in India's largest software exporter rose more than four per cent following positive earnings results to hit a high of 3,557 rupees (US$53.53) on the Bombay Stock Exchange's Sensex index.

The surge propelled the firm's market capitalisation value to 681 trillion rupees, above US$100 billion, as TCS became just the second Indian company in history to cross the symbolic mark.

Reliance Industries, the energy-to-telecoms conglomerate owned by Asia's richest man Mukesh Ambani, was the first Indian group to breach the US$100-billion marker, back in 2008.

“It is an important milestone, which not only gives us something to cheer but also changes the perspective and sentiment toward other Indian software makers,” Gaurang Shah, head investment strategist at Geojit Financial Services Ltd in Mumbai, told Bloomberg News.

The shares were spurred by a TCS earnings report released on Thursday which showed that the technology company had enjoyed a 4.4 per cent rise in consolidated net profit year-on-year for the quarter ending March.

TCS recorded net profits of 69.04 billion rupees, beating many analysts' expectations. The IT services exporter has also been boosted by a weakening rupee.

TCS was at the forefront of India becoming a back office to the world as companies — largely in developed nations — subcontracted work, taking advantage of the country's skilled English-speaking workforce.

The flagship industry has made India a top business destination by offering software development and information technology, engineering and design and other services.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT