TCS shares jump 7%; company close to $100 billion m-cap mark
New Delhi: Shares of TCS surged over 7 percent, adding Rs 41,301 crore to its market valuation, after the company reported a 4.4 percent rise in March quarter net profit and guided towards a better show in fiscal 2019.
The stock jumped 6.76 percent to settle at Rs 3,406.40 on BSE. During the day, it soared 7.22 percent to its 52-week high of Rs 3,421.25.
On NSE, shares of the company rose sharply by 6.62 percent to close at Rs 3,402.45.
The stock was the biggest gainer on both Sensex and Nifty.
Led by the gain in the stock, the company’s market capitalisation moved up by Rs 41,300.92 crore to Rs 6,52,082.92 crore. An Economic Times report said that if the share price of the IT bellwether hits the Rs 3,448 level, it will hit a market capitalisation $100 billion (Rs 6,60,000 crore), India’s first company to enter the mark.
In terms of equity volume, 7.72 lakh shares of the company were traded on BSE and over 92 lakh shares changed hands on NSE during the day.
The Tata group flagship, which contributes around 85 percent of the group’s profit, reported a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 percent.
It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.