Once again, Indian tech giant Tata Consultancy Services Ltd (TCS) has become the world’s most-valued information technology company with a market capitalisation of $169.25 billion. On Monday, the firm outdid Accenture to hold the top spot once again. As per Bloomberg data, Tata Group flagship’s valuation at Monday’s close of trade stood at $169.25 billion. On the other hand, Accenture’s m-cap was at $168.68 billion. TCS had zoomed past Accenture in October to become the most valuable IT services firm in the world. In the national market, TCS outdid Reliance Industries Ltd to become the nation’s most-valued firm by market capitalisation.
Talking about the market capitalisation of TCS, it was at ₹12,34,609.62 crore. On the other hand, the market capitalisation of Reliance Industries Ltd (RIL) stood at ₹12,29,661.32 crore on the BSE. TCS is the country’s largest software exporter. It reported a 7% year-on-year rise in its combined net profit at ₹8,701 crore for the quarter ended December. In the last financial year, TCS reported a combined net profit of ₹8,118 crore in same quarter. Prior to this, in April 2018, TCS reached the $100 billion valuation mark and outdid Accenture’s peak position in the market.
The covid-19 pandemic hindered technology companies the most as the pandemic affected trade and compelled employees to work from home, raising costs. The tech companies even lost billings as they make most of their business overseas. However, the tech domain rebounded in the second quarter. This was assisted by large deal wins and client spending on artificial intelligence, cloud computing, and internet of things as businesses moved online. In the quarter ended December, TCS reported deal wins worth $6.8 billion.