Tata Consultancy Services (TCS) surpassed the 10 Lakh crore mark on Monday. It has become the second Indian firm to reach the benchmark of more than 10 lakh crore value helped by its ally in the share price. At the opening of morning trade, the stock jumped by 6% to reach its record high value of 2678.00 on the BCE. It gained 6.16% to 2679 its all-time high on the NSE.
After RIL (Reliance Industries Limited), the Tata Consultancy Services became the second Indian firm to have a market valuation of over 9 lakh crore, last month and is the second most-beneficial domestic firm in terms of market capitalization. Moreover, the market valuation of the company lurches to 10,03,012.43 crore on the BSE in afternoon trade.
In Addition, the market valuation has crossed the 10 lakh crore mark of Reliance Industries Limited (RIL) and is the first Indian firm whose market valuation is currently at 15,02,355.71 crore, which is excessive for any listed company in the country.
Meanwhile, the BOD (Board of Directors) will contemplate a proposal for buyback of equity shares and had also announced the long-term capital allocation policy of returning excess cash to its shareholders as a part of its mega buyback offer, as declared by the Tata Consultancy Services (TCS).
Lastly, DVP-Equity Strategist Jyoti Roy said that most IT companies have enormous surplus cash on books that can be utilized to reward shareholders in one and the other form of buybacks and dividends.