Mumbai, India (CU)_ The Indian multinational technology company Tata Consultancy Services (TCS) has once again surpassed Accenture and emerged as the most valuable IT services firm in the world after its market funding soared to $169.9 billion on Monday. The drastic spike in TCS ‘m-cap came after it touched the $100 billion valuation mark last year in April after overtaking Accenture. Previously in 2018, IBM was leading in the first position with 300 percent more sales than TCS and Accenture was in the next position.
On October 9, 2020, for the first time, TCS surpassed Accenture and became the world’s most valuable information technology company. In India, TCS is currently trading 0.42% or Rs 13.9 up on the NSE at Rs 3,317 compared to its previous closing session of Rs 3,303.1. Four of the top 10 companies last week added a total of Rs 1,15,758.53 crore to their overall market valuation. Reliance Industries Limited, Tata Consultancy Services (TCS), Hindustan Unilever Limited and Bajaj Finance saw a rally in their m-cap among these firms.
For the third quarter ended December 31, TCS, the country’s largest software exporter, posted a 7.01 percent annual increase in its combined net profit to Rs 8,701 crore, powered by strong demand for its cloud services during the pandemic. The IT bellwether said that in the last nine years, it was the strongest third quarter rise. In the same quarter of last financial year, the Mumbai-based firm reported a consolidated net profit of Rs 8,118 crore.
