TCS Surpasses Accenture To Become World's Most Valuable IT Company

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.