TCS Surpasses Accenture To Become World's Most Valuable IT Company
Business
oi-Olga Robert
By Staff
On Thursday, when shares of Tata Consultancy Services (TCS) surged to a new all-time high, the company surpassed Accenture to become the world's most valuable IT company in terms of market capitalisation.
At the closing price of Rs 2,825 on 8 October on NSE, TCS' market cap rose to $144.73 billion (Rs 10.6 trillion), which is higher than Accenture's $142.4 billion and IBM's $110.5 billion.
On Friday, shares of the Tata Group slipped nearly 2 percent in morning trade pushing its market cap below Rs 10.5 trillion, on likely profit-booking by investors.
The stock rose on Thursday after the company reported a better than expected performance for the September-ended quarter and the announcement of its Rs 16,0000 crore share buyback plan. The company also declared an interim dividend of Rs 12 per share.
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