In early morning trade on Friday, led by weak rupee, IT major TCS hit another record high of Rs. 3674 which propelled its market cap to cross the Rs. 7 lakh crore mark.
Since the announcement of bonus issue in the ratio of 1:1, i.e 1 equity share of Rs. 1 for every 1 share of Rs. 1 held by the company's shareholder, the company has outperformed its benchmark Sensex index. The record date for discovering the entitlement to the bonus issue has been kept at June 2, 2018 whereas the stock will turn ex-bonus on May 31, 2018 i.e only those investors who hold the TCS as on the ex-record date will be eligible to receive bonus issue. Check stock quote here
In its quarterly number for the year ended 2018 and the last quarter, the company reported a strong performance owing to growth registered in digital solutions and services and major verticals and geographies. For the first time in last several quarters, the largest IT services exporter company reported double-digit growth in dollar terms. The growth is likely to be sustained as per management view in coming quarters.
The retail plus the BFSI sector growth with new deals and orders is expected to be a big positive for the company.
At 10:22 am, the stock quoted at Rs. 3656 , up over 1.42 % on the BSE. Meanwhile Sensex and Nifty was also trading higher by 0.4% at 34802 and 10558 points respectively.