TCS market capitalisation hits $200 billion as shares jump to fresh highs

TCS market cap stood at round Rs 14.63 lakh crore ($199.1 billion) at closing on Wednesday.

New Delhi: IT providers main Tata Consultancy Services (TCS) on Wednesday touched the $200 billion market capitalisation-mark as its shares surged to lifetime highs in intraday commerce. The inventory moved to an all-time of Rs 3,980 earlier than settling 1.79% greater at Rs 3.954.80. The firm's market capitalisation or m-cap stood at round Rs 14.63 lakh crore ($199.1 billion).

Before this, Reliance Industries (RIL) was the one listed firm in India with a market valuation of over $200 billion. RIL's present m-cap stood at Rs 15.08 lakh crore ($205.2 billion).

Overall, the IT sector has been performing nicely amid the Covid-19 pandemic due to the rise in digital actions. Shares of Infosys immediately rose 1.49% to settle at Rs 1,711. The firm's m-cap surged to Rs 7.26 lakh crore ($98.8 billion).

In one other set of growth, TCS has been named a pacesetter within the IDC MarketScape for Worldwide Life Science R&D Strategic Consulting Services, the corporate acknowledged in a notification to the exchanges.

IDC MarketScape vendor evaluation mannequin goals to present an outline of the aggressive health of ICT (data and communications know-how) suppliers in a given market.

“The pandemic has brought unprecedented collaboration and acceleration in life sciences companies' R&D initiatives. These companies are partnering with TCS to develop the right transformation strategy, innovatively harness next-gen technologies such as AI, IoT and blockchain to accelerate and expand their R&D programs, enhance business outcomes and achieve purpose-led growth,” mentioned Vikram Karakoti, Global Co-Head, Life Sciences, TCS.

TCS mentioned it has invested closely in analysis and innovation capabilities within the life sciences area. The firm added that its genomics labs supply capabilities such as DNA sequencing, marker validation, and translational analysis.

Last week, TCS had introduced that Avianca, one of many main airways in South America, chosen it as a strategic associate in its cloud transformation journey.