TCS market cap reaches $200 billion as shares hit new highs

TCS had a market cap of around Rs 14.63 lakh crore ($199.1 billion) at Wednesday’s close.

New Delhi: IT services major Tata Consultancy Services (TCS) on Wednesday touched the $200 billion market-cap-mark as its shares hit a lifetime high in intraday trade. The stock moved to an all-time high of Rs 3,980 before closing up 1.79% at Rs 3.954.80. The market capitalization or m-cap of the company was around Rs 14.63 lakh crore ($199.1 billion).

Prior to this, Reliance Industries (RIL) was the only listed company in India with a market valuation of over $200 billion. The current m-cap of RIL is Rs 15.08 lakh crore ($205.2 billion).

Overall, the IT sector is performing well amid the COVID-19 pandemic due to the increase in digital activities. Shares of Infosys closed at Rs 1,711, up 1.49% today. The company’s m-cap rose to Rs 7.26 lakh crore ($98.8 billion).

In another set of developments, TCS has been named a leader in IDC Marketscape for Worldwide Life Science R&D Strategic Consulting Services, the company said in a notification to the exchanges.

The purpose of the IDC Marketscape vendor evaluation model is to provide an overview of the competitive fitness of ICT (information and communication technology) suppliers in a given market.

“The pandemic has brought unprecedented collaboration and acceleration in the R&D initiatives of life science companies. These companies are partnering with TCS to develop the right transformation strategy, using next-generation technologies such as AI, IoT and Blockchain to accelerate and expand their R&D programs, drive business results and achieve purpose-based growth. We are doing it for you,” said Vikram Karakoti, Global Co-Head, Life Sciences, TCS.

TCS said it has invested heavily in research and innovation capabilities in the life sciences. The company said its genomics laboratories provide capabilities such as DNA sequencing, marker validation and translational research.

Last week TCS announced that Avianca is one of the leading airlines in South America, has selected it as a strategic partner in its cloud transformation journey.

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