Tata Consultancy Services achieves Rs 5 lakh crore feat

Mumbai: Tata Consultancy Services (TCS), the country’s largest software services exporter, on Wednesday attained a market valuation of over Rs 5 lakh crore after over a month.

At the end of Wednesday’s trade, the market-capitalisation (m-cap) of TCS soared to Rs 5,09,523.91 crore, the highest for the company since its listing in 2004.

Shares of the outsourcing giant ended the day at Rs 2,601.30, up 2.45 per cent on the BSE.

In intra-day trade, it rose by 2.9 per cent to Rs 2,612.95. In dollar terms, TCS’ market valuation rose to $84 billion.

TCS, the first Indian company to achieve the feat, had earlier crossed Rs 5 lakh crore market-cap in July this year.

The IT bellwether is also currently the country’s most valued company in terms of market valuation.

TCS is followed by state-run ONGC whose m-cap stood at Rs 3,74,730.47 crore, Reliance Industries ('3,33,400.02 crore), ITC ('2,78,020.71 crore) and Coal India ('2,37,495.30 crore).

The market valuation of other big IT players such as Infosys stood at '2,14,454.24 crore, Wipro ('1,42,478.12 crore), HCL Technologies ('1,16,142.59 crore) and Tech Mahindra ('57,293.10 crore).

Meanwhile, the country’s largest software service company also announced the re-appointment of its chief executive officer and managing director N. Chandrasekaran.

It has extended his tenure by five years to October 2019, which will be effective from October 6, 2014.