DELIGHT: Rajesh Gopinath
Money-Advice-Trust

TATA CONSULTANCY SERVICES (TCS) became the first Indian company in a decade to breach the $100-billion mar­ket value barrier after stocks in the IT giant soared on Monday (23).

Shares in India’s largest software ex­porter rose more than four per cent fol­lowing positive earnings results to hit a high of `3,557 (£38.32) on the Bombay Stock Exchange’s Sensex index.

The surge was spurred by a TCS earn­ings report released last Thursday (19) which showed the technology company had enjoyed a 4.4 per cent rise in con­solidated net profit year-on-year for the quarter ending March. It propelled the firm’s market capitalisation value to `681 trillion, above $100bn, as TCS be­came just the second Indian company in history to cross the symbolic mark.

Reliance Industries, the energy-to-telecoms conglomerate owned by Asia’s richest man Mukesh Ambani, was the first Indian group to breach the $100-bn marker, back in 2008.

TCS recorded net profits of `69.04bn, beating many analysts’ expectations.

“We are indeed delighted and thank­ful to our employees and customers who have been instrumental in achiev­ing this milestone,” said TCS CEO and managing director, Rajesh Gopinathan.

TCS was at the forefront of India be­coming a back office to the world as companies – largely in developed nations – subcontracted work, taking advantage of the country’s skilled English-speaking workforce. The flagship industry has made India a top business destination by offering software development and information technology, engineering and design and other services.