TCS surpasses Rs 4,000 mark after a year-long wait – Hits Rs 15 lakh crore market cap

In the fast-paced world of the stock market, few companies manage to capture the spotlight quite like Tata Consultancy Services (TCS). With recent achievements hitting new heights, let’s delve into the latest buzz surrounding India’s largest IT firm.

TCS Hits Rs 4,000 Mark After 12 Months

In a significant surge, TCS shares soared by 4% during today’s trading session, reaching an all-time high of Rs 4,135 each. This landmark surpassed its previous peak of Rs 4,043, a feat not seen in over a year. The stock’s remarkable recovery from its October low of Rs 2,926 showcases its resilience, with an impressive 40% increase to date.

Market Capitalisation Reaches Rs 15 Lakh Crore

TCS made history by achieving a market capitalisation of Rs 15 lakh crore, marking its first-ever entry into this elite club. This milestone places TCS firmly in the spotlight as one of India’s most valuable companies, second only to the Tata Group. Despite closing slightly below its peak, the company’s market cap remained formidable at around Rs 15.10 lakh crore by day’s end.

New Deals Propel Growth

Fuelling TCS’s ascent are recent business wins that promise to reshape its global footprint. An exchange filing revealed TCS’s latest triumph – securing a transformative deal with Europ Assistance, a prominent global assistance and travel insurance provider. This agreement will see TCS revolutionize Europ Assistance’s IT operations using cutting-edge technology, including its AI platform, ignio AIOps.

Expansion of Partnerships

In January 2024, TCS extended its collaboration with Aviva, a leading UK-based insurance and financial services provider. The 15-year partnership aims to overhaul Aviva’s UK Life business, leveraging TCS’s innovative BaNCS-based platform to enhance customer experience and operational efficiency.

Financial Performance Highlights

While TCS’s recent achievements shine bright, its financial performance remains a key focus. In Q3 FY23, the company reported a 2.48% quarter-on-quarter decline in consolidated net profit, amounting to Rs 11,097 crore. This slight dip followed a robust performance in the preceding quarter (Q2 FY24), where TCS recorded a net profit of Rs 11,380 crore. However, comparing year-on-year, TCS demonstrated a 2% improvement in net profit despite facing a one-time charge of Rs 958 crore towards a legal settlement.

Conclusion

Tata Consultancy Services continues to captivate investors and industry observers alike with its trailblazing accomplishments in the stock market. From reaching new milestones in market capitalization to securing transformative deals and expanding key partnerships, TCS demonstrates unwavering resilience and innovation in an ever-evolving landscape. As the company charts its course forward, all eyes remain firmly fixed on its next move in the dynamic world of technology and business.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.