TCS's m-cap surpasses Rs. 15 lakh crore for first time
Tata Consultancy Services (TCS) achieved a market capitalization of over Rs. 15 lakh crore for the first time, as its stock rose nearly 4% in today's trading session. The IT behemoth's shares reached an intraday high of Rs. 4,135, helping the Nifty IT index gain 2.23%, the highest among all Nifty's sectoral indices. Today, the TCS stock closed at Rs. 4,129.35 apiece, which is 3.93% higher than yesterday.
TCS performance aided by deal wins in Q3 FY24
In Q3 FY24, TCS saw a slight revenue growth of 4% to Rs. 60,583 crore and a healthy margin expansion, with operating margins increasing by 75 basis points quarter-over-quarter and 48 basis points year-over-year. The company also announced major deal wins, recording a total contract value of $8.1 billion. TCS and Infosys together contributed to 66% of the BSE Sensex gains, with TCS alone accounting for 34% of the index gains.
Top gainers in Nifty IT index
Year-to-date, Persistent Systems emerged as the top Nifty IT index gainer with a 17% increase, followed by Infosys at 11% and TCS at 8%. Fresh long build-up was observed in TCS with the Open Interest (OI) rising by 3.5%, while maximum put writing was seen at the 4,000 strike price and call writing at the 4,300 and 4,200 levels.
