TCS Beats Reliance To Become India’s Biggest Company; Briefly Becomes World’s #1 IT Firm By Beating Accenture
Tata Consultancy Services has defeated Accenture to hold the top spot – it is now the world’s most-valued information technology company.
The company has now recorded a market capitalization of $169.25 billion.
TCS Surpasses Accenture To Become World’s Most Valued IT Company
At the end of Monday, the company’s valuation was $169.25 billion, whereas, Accenture’s m-cap was $168.68 billion as per Bloomberg’s report.
In October too, TCS had surpassed Accenture and became India’s most valuable IT services company in the world.
Tata Consultancy Services Ltd (TCS) has once again become the world’s most-valued information technology company with a market capitalization of $169.25 billion. The company on Monday surpassed Accenture to hold the top spot once again.
After today’s close, TCS’s market capitalization was at Rs. 12,34,609.62 crore and that of Reliance Industries Ltd (RIL) stood at Rs. 12,29,661.32 crore on the BSE.
TCS is the country’s largest software exporter and has recorded a 7% year-on-year rise in its consolidated net profit at Rs. 8,701 crores for the quarter that ended in December. For the same quarter in last year, the company’s consolidated net profit was chalked up to Rs. 8,118 crore.
As per reports, the revenue for the quarter has increased by 5.42% YoY to Rs. 42,015 crore, which was Rs. 39,854 crore in the same quarter last year.
Brokerages Increased target Prices On TCS; IT Companies Worst Impacted
As per Edelweiss, “The company has returned to positive growth zone on YoY basis and management is confident of regaining double-digit growth trajectory.” The target price had been raised to Rs. 4,176 from Rs. 4,000. Brokerages have reportedly raised target prices on TCS after TCS recorded results that were better than the December quarter.
Technology companies have been among those industries that were the worst impacted by the COVID-19 pandemic. However, some huge deals and client’s preparedness to spend on cloud computing, artificial intelligence, and internet of things managed to turn over the scenario for IT industries.
Tata Consultancy Services itself has reported deal wins for as much as Rs. 6.8 billion in the quarter that ended in December.