TCS market cap hits $200 billion as shares jump to fresh highs
TCS stock moved to an all-time of Rs 3,980 before settling 1.79% higher at Rs 3.954.80.
New Delhi: IT services major Tata Consultancy Services (TCS) on Wednesday touched the $200 billion market capitalisation-mark as its shares surged to lifetime highs in intraday trade. The stock moved to an all-time of Rs 3,980 before settling 1.79% higher at Rs 3.954.80. The company's market capitalisation or m-cap stood at around Rs 14.63 lakh crore ($199.1 billion).
Before this, Reliance Industries (RIL) was the only listed company in India with a market valuation of over $200 billion. RIL's current m-cap stood at Rs 15.08 lakh crore ($205.2 billion).
Overall, the IT sector has been performing well amid the Covid-19 pandemic due to the rise in digital activities. Shares of Infosys today rose 1.49% to settle at Rs 1,711. The company's m-cap surged to Rs 7.26 lakh crore ($98.8 billion).
In another set of development, TCS has been named a leader in the IDC MarketScape for Worldwide Life Science R&D Strategic Consulting Services, the company stated in a notification to the exchanges.
IDC MarketScape vendor assessment model aims to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market.
“The pandemic has brought unprecedented collaboration and acceleration in life sciences companies' R&D initiatives. These companies are partnering with TCS to develop the right transformation strategy, innovatively harness next-gen technologies such as AI, IoT and blockchain to accelerate and expand their R&D programs, enhance business outcomes and achieve purpose-led growth,” said Vikram Karakoti, Global Co-Head, Life Sciences, TCS.
TCS said it has invested heavily in research and innovation capabilities in the life sciences domain. The company added that its genomics labs offer capabilities such as DNA sequencing, marker validation, and translational research.
Last week, TCS had announced that Avianca, one of the leading airlines in South America, selected it as a strategic partner in its cloud transformation journey.