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 on October 8 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 percent to close at Rs 2,825 on Thursday 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 percent sequential growth.
Consolidated revenue from operations for the quarter grew by 4.7 percent sequentially to Rs 40,135 crore, while the company registered a 4.8 percent QoQ growth in constant currency and 7.2 percent in dollar revenue for the quarter ended September 2020.
The deal wins for the quarter were strong with total contract value at $8.6 billion against $6.9 billion in Q1FY21.
“Unless it is trading below Rs 2650, positional traders can retain an optimistic stance and look for a target of Rs 3000-3125. Fresh buying can be considered now and on dips, if any, between Rs 2818 and Rs 2735 levels with a stop loss below Rs 2650,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.