Homegrown IT major Tata Consultancy Services (TCS) on Monday surpassed global technology giant IBM in terms of market capitalisation. The feat comes on a day when the Mumbai-based firm also beat conglomerate Reliance Industries Ltd (RIL) in market capitalisation.
On Monday, TCS share closed with market capitalisation of $120 billion (Rs 8.37 lakh crore). On New York Stock Exchange, IBM logged market capitalisation of $119.6 billion or Rs 8.32 lakh crore in early trade. At close, market capitalisation of IBM stood at $119.46 billion or Rs 8.29 lakh crore. In early trade today, market capitalisation of TCS further swelled to Rs 8.44 lakh crore.
In another similar feat, Tata Consultancy Services surpassed Reliance Industries to become the most valued firm by market capitalisation in the Indian stock market.
At the close of trade, the market capitalisation (m-cap) of TCS was at Rs 8,37,194.55 crore, which was Rs 1,170.47 crore more than that of RIL's Rs 8,36,024.08 crore on the BSE.
Shares of TCS rose by 2.39 per cent to close at Rs 2,231.10, while those of Reliance Industries closed flat at Rs 1,318.85, up 0.27 per cent on the BSE.
In May, Reliance Industries had reclaimed the status of the country's most-valued firm in terms of market valuation, overtaking software services major TCS.
RIL and TCS have in the past also competed with each other for the number one position in terms of market capitalisation.
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 6,66,533.49 crore), HUL (Rs 4,00,325.83 crore) and HDFC (Rs 3,78,236.52 crore).
The market capitalisation of companies changes daily with the movement in their stock prices.
In early trade today, TCS share price rose 0.79% to Rs 2,248.65 level compared to the previous close of Rs 2231.10 on BSE. The firm's market capitalisation also rose further to Rs 8. 44 lakh crore. Its closest competitor Reliance Industries (RIL) rose 0.60% to trade at Rs 1326.70 with market capitalisation of Rs 8.41 lakh crore.
Edited by Aseem Thapliyal