Valuation of top-10 firms plunges Rs 4,95,061 crore
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
Share price of Tata Consultancy Services soared over 3 per cent after the company became the first IT firm to cross Rs 12 trillion market-capitalisation mark on Monday. It had earlier posted a 7.2 per cent jump in December quarter net on a consolidated basis.
The company’s stock jumped 3.32 per cent to Rs 3,224, hits fresh record high, on the BSE.
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Similarly, on the NSE, it gained 3.49 per cent to Rs 3,230, its all-time high.
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The company’s market valuation rose to Rs 12,09,768 crore during morning trade on the BSE.
The country’s largest software services firm on Friday reported a 7.2 per cent rise in consolidated net profit to Rs 8,701 crore for the December 2020 quarter.
This is against a net profit of Rs 8,118 crore in the year-ago period, Tata Consultancy Services (TCS) said in a regulatory filing.
Revenue of the firm grew 5.4 per cent in the quarter under review to Rs 42,015 crore from Rs 39,854 crore in the corresponding period last fiscal, it added.
This is the strongest December quarter growth in nine years, TCS said.
“Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter,” Rajesh Gopinathan, chief executive officer and managing director of TCS, said.
He added that the company is entering the new year on an “optimistic note” and its market position stronger than ever before.
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