he market valuation of Tata Consultancy Services (TCS) on Tuesday raced past the Rs 13 lakh crore mark, becoming the second company after Reliance Industries Limited (RIL) to achieve this feat.
At the close of trade, the market capitalization (mcap) of TCS was Rs 13,14,051.01 crore on BSE.
TCS shares rose to a record high today (August 17) trading more than 1 percent high per share, at a fresh record high of Rs 3,520 on BSE thus raising its market value to Rs 13,00,604.96 crore.
It was trading at 3,517.55, up Rs 45.80, or 1.32 percent
TCS was ranked among the top four supply chain service providers, as per HFS Research.
"TCS was ranked number one for breadth and depth of offerings and delivery excellence and among the top two for scale and experience, expertise, as well as strategy and vision," it said.
The IT major had in January this year breached the Rs 12 lakh crore market valuation mark.
TCS is the second most valuable domestic firm in terms of market valuation. Reliance Industries Limited is the country's most valued firm, with a market valuation of Rs 13,71,823.79 crore.
''Visibility of sustained earnings recovery in IT stocks in the backdrop of strong deal wins and encouraging guidance shared by managements in 1Q FY22 made investors lap up IT stocks,'' Binod Modi, Head Strategy at Reliance Securities, said to PTI.
Buying was also visible in other IT stocks, with Tech Mahindra, Infosys, HCL Technologies Limited, and Wipro closing the day with gains.
So far this year, Tata Consultancy Services shares have gained 23.76 percent.
(With PTI inputs)
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