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TCS hits new high, crosses $200 billion market cap at day’s high

Moneycontrol logo Moneycontrol 16-09-2021 Swathi Moorthy
a close up of a computer keyboard: TCS hits new high, crosses $200 billion market cap at day’s high © Mohammed Shaikh TCS hits new high, crosses $200 billion market cap at day’s high

TCS, country's largest software exporter crossed the $200 billion milestone in market cap on September 15, marking a new high for the software services provider, as it continues to see robust growth.

For the company, the first $100 billion took 50 years and the next $100 billion took 3.5 years.

Its US-based rival, Accenture has a market cap of $216 billion while Reliance Industries Limited (RIL)'s market cap stood at $205 billion.

Early this year, with the market cap of $169 billion, TCS became the largest IT firm by market cap followed by Accenture at $168.4 billion. It also became the most valuable company in January by market cap in India overtaking RIL that month.

As of September 15, the market cap of its Bengaluru-based Infosys’ stood at close to $98 billion at the time of closing. TCS' stock corrected to $199.1 billion at the time of closing.

As the demand environment continues, Rajesh Gopinathan, CEO, TCS, during the earnings call in July said that the company is looking at double digit growth.

TCS registered Rs 45,111 crore in revenues for the quarter, up 18.5 percent year-on-year (YoY) and Rs 9008 crore in net profits, a 28.5 percent YoY growth. The company has also reported an attrition rate of 8.6 percent, the lowest in the industry. The IT services major will hire 40,000 freshers in FY22, the same as that of FY21.

TCS added 20,409 employees in the quarter ending June 2021, the highest ever in a quarter, taking the total employees to over 5 lakh, becoming one of the largest employers in India. In a recent interaction with Moneycontrol, TCS COO NG Subramaniam said that the company can have 1 million employees.

The company is also working with Tata Digital on multiple initiatives.  Subramaniam, during the interaction, said, " I can say is we are strong partners. In fact, originally, we are part and parcel of the entire super app development. We are also working very closely with a number of other initiatives. Even in terms of all the mergers that were happening within the group, a lot of these things are, this is very much part of it (the work we are doing with Tata Digital). For example, Big Basket and 1MG have come in and we need to bring them together."

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