India’s IT giant Tata Consultancy Services (TCS) on Tuesday (04) became the second Indian company to grab a market valuation of over Rs 8 trillion (£87.12 billion) mark after Reliance Industries (RIL), following a surge in its share price.
TCS is India’s most-valued corporate giant in terms of market capitalisation.
TCS’s market capitallisation stood at £87.28bn on Bombay Stock Exchange (BSE) at the close of the intraday trading on Tuesday (04).
TCS shares closed 1.86 per cent higher at Rs 2,093.20 (£22.80) on BSE touching a 12 month high of 2.19 per cent to Rs 2,100 (£22.87).
The company’s market capitalisation jumped significantly by £1.59bn to £87.28bn to touch Rs 8 trillion capitalisation. India’s another corporate giant, Reliance Industries (RIL) became the first Indian company to cross the Rs 8 trillion market capitalisation mark on August 23, 2018.
TCS, on June 15 2018, became the first Indian company to close the intraday trading session with a market capitalisation of over Rs 5 trillion mark. In the calender year 2018, until today, TCS has moved forward by jumping 55 per cent against 13.5 percent rise in the S&P BSE Sensex.
Meanwhile, India’s benchmark stock market indices moved down on Tuesday (04) amid depreciation of Rupee, which declined to its new record low for the third straight session during the early trading session. The S&P BSE Sensex closed at 38,158, down 155 points while the broader Nifty50 index settled at 11,520, a fall of 62 points.
Indian rupee continued its bearish journey on Tuesday (04) against the dollar reaching a historic low of Rs 71.50 during intra-day trade. Rupee recorded a decline of 3.3 per cent in August and over 10 per cent so far this year.