For Quick Alerts
For Daily Alerts

TCS Market Cap Crosses Rs 8 Trillion to Become Second Indian Company to do so


Tata Consultancy Services (TCS) becomes the second Indian company to cross Rs 8 trillion in market capitalization for the first time ever. Reliance Industries Limited (RIL) was the first company to do it on 23 August 3018.

Shares of TCS today surged to 1.7 percent to record a high of Rs 2,096.90 on the Bombay Stock Exchange (BSE) today. It has surged by 54.6 percent so far this year, rising ahead of its share buyback on 6 September, which will close on 21 September.

TCS Market Cap Crosses Rs 8 Trillion to Become Second Indian Company to do so

Additionally, the IT giant has raised hopes of double-digit growth in the current financial year after it bagged three large multi-year contracts worth more than $5.6 billion in revenue since December 2017. It is also benefiting from the rupee's fall against the dollar as it garners most of its revenue from software exports that earn in dollar terms.

As for the Rs 16,000 crore share buyback the company will purchase 76.19 million shares (1.99 percent of the paid-up equity capital) via a tender at Rs 2,100 apiece. Share buybacks are beneficial as they improve the earnings per share while returning surplus cash to shareholders and support the price of the stock when the market is slowing moving.

Read more about: tcs
Story first published: Tuesday, September 4, 2018, 11:42 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more