The shares of Tata Consultancy Services reached a massive high last week, after which the company become of the most valued Information Technology company across the globe.
Tata Consultancy Shares Reach New High, Leaving IBM and Accenture Behind
The Indian tech giant TCS’s net worth is now above 144 Million USD, which is higher than Accenture’s value. Even in 2018, TCS garnered the second position beating Accenture and following IBM, which was the most valuable firm then.
TCS Turned Tables in Two Years
In 2018 the markets were ruled by IBM with a revenue of 300 percent higher than that of TCS. Within a span of two years, IBM has rolled down to the third position while TCS, with a net worth of 144.79 Billion USD on India’s BSE, has topped the charts. Since January, there has been a massive 30 percent hike in the TCS share price even in the tomes of covid-19.
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Company Doing Great
“This is very commendable as almost all of its performance has come on the back of organic growth, low employee attrition, and high EBIT margins,” Said Nirmal Bang
Indian IT Standing Strong
The board of directors has approved the buyback of shares worth INR 16 thousand crores. The stocks of the various IT companies have rallied since the Q2 earnings of the company were announced.
TCS Leaves IBM and Accenture Behind
Several brokerage houses have reportedly increased their stock in the last few days, which led to the hike in TCS stock’s target price. TCS is globally the most substantial IT services company while it stands at the second position in India, trailing Reliance as the most valued company across all sectors.
As noted by market experts, the Accenture market cap stands at 143.11 billion USD, while TCS is at 144.7 Billion and IBM at 116 USD. The tech behemoth’s revenue has risen by 4.5 percent, while the overall profit across the last three months is above 7 percent.
A Sign of Strong Legacy
The unprecedented growth of TCS into the world’s most substantial IT Services companies in the times of economic crisis shows the management’s efficacy and its strong foundation.