TCS becomes first Indian company to hit market capitalisation of $100 billion

Reuters Bengaluru, Karnataka, India Apr 23, 2018, 12.27 PM(IST)

Employees of Tata Consultancy Services at the company's Mumbai headquarters. Photograph:( Reuters )

Tata Consultancy Services Ltd, India's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation.

Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter.

Net profit touched 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data.

The Nifty IT index hit an all-time high on Monday.

($1 = 66.1950 Indian rupees)