NEW DELHI: Tata Consultancy Services (TCS) has accomplished a huge milestone on Friday as market valuation surged past the Rs. 7 lakh crores mark.
TCS shares gained as much as 2 per cent today to Rs. 3,674, rising for a second straight day. TCS share price had jumped over 3 per cent on Thursday as the recent bout of weakness in the rupee lifted IT shares. Mumbai-based TCS, which is celebrating 50 years of being in business, is a unit of Tata Group, one of India's oldest companies that now sell cars, power, tea and chemicals through its various subsidiaries.
Energy-to-telecom conglomerate Reliance Industries, led by India's richest man Mukesh Ambani, had breached the $100 billion mark way back in 2007.
IT bellwether TATA Consultancy Services (TCS) had grown to be the first Indian company last month to shut the trading session with over $100 billion market valuation.
TCS shares have hugely outperformed the overall market in the past six months as IT stocks came back into favour with investors. Shares of TCS have risen over 35 per cent in the past six months as compared to a mere 3 per cent rise in Sensex.