TCS breaches $100 billion market capitalization, first Indian company to do so

In a historic move, Tata Consultancy Services (TCS) on Monday became the first Indian company to reach the $100 billion market capitalization (m-cap) mark. 

The company hit an all-time high after the shares of the IT were trading 4 percent above previous closing mark at Rs 3,545 on the BSE at 10.30 am.

In terms of the market value, the company stood at Rs 6,79,332.81 crore ( $102.6 billion).

TCS was on the verge of the milestone when the markets closed on Friday last week as the m-cap stood at slightly above $99 billion. The stock had surged more than 6 percent on Friday.

A rise of 4.5 percent in its Q4 net profit was posted resulting in the rise in the TCS scrip's fortune.

The Tata group flagship reported a net profit of Rs 6,925 crore, up 4.57 percent in the January-March quarter compared to Rs 6,622 crore posted in the same quarter last year.

Also, the company announced a 1:1 bonus for its shareholders, a third offering by the company since 2004. Later in 2006 and 2009, TCS had allotted 1:1 bonus shares.

The country's largest IT outsourcing company, which contributes around 85 percent of the group's profit, recorded a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March making it the highest revenue growth in 14 quarters at 11.7 percent in terms of dollars.