Tata Consultancy Services (TCS) is now the Most Valued IT Services Company in the world, surpassing Accenture. TCS’s market value stood at USD 144.7 billion, compared to Accenture’s USD 143.1 billion, as of October 8, 2020 closing.
Among listed Indian companies, TCS is only behind Reliance Industries in terms of market capitalisation which is at nearly USD 215 billion. The Indian software services major rallied over 3% to close at Rs 2,825/- after its board approved a share buyback at Rs. 3,000/- per share.
Several brokerages upgraded TCS stock after it clocked stellar returns for the September quarter. The company reported a profit after tax of Rs. 7,475/- crore for the quarter ended September 2020, registering a 6.7% sequential growth.
This is not the first time that TCS has raced ahead of its competition. Back in 2018, IBM dominated the market with 300% more revenue than TCS, followed by Accenture in second place. In April that year, TCS reached the $100 billion valuation mark and overtook Accenture’s pinnacle position in the market.
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