Technology stocks have been the biggest gainers after the rupee fell to record low of 71.37 intraday.
Tata Consultancy Services (TCS), on Tuesday, managed to hit market capitalisation of Rs 8 lakh crore again, following a huge surge in IT stocks. TCS stock hit a fresh 52-week high of Rs 2,092.
The company’s market capitalisation stands at Rs 800,631.64 crore.
Technology stocks have been the biggest gainers after the rupee fell to record low of 71.37 intraday. “Rupee breach beyond 71/USD is not a surprise. The causative factors like the deficit, growth concerns, oil, FII outflows, etc. have been much commented on in the last few months,” Anand James Chief Market Strategist at Geojit Financial Services told Moneycontrol.
It is a tough race between Reliance Industries and TCS, with both companies toppling each other from the top spot (in terms of market cap) at regular intervals.
TCS’ stock was in the news this year for hitting USD 100 billion market capitalisation for the first time, making it the first Indian company to achieve this feat. The company’s market cap, in April, surpassed the sentimental $100-billion mark in the first hour of trade. In doing so, TCS also beat US-listed rival Accenture's market capitalisation of $98 billion.
TCS became a $25-billion company in 2010 and hasn’t looked back since. It crossed the $50-billion mark in 2013 and then the $75-billion figure a year later.
At 11:36 hrs Tata Consultancy Services was quoting at Rs 2,092.15, up Rs 37.20, or 1.81 percent, on the BSE. It touched a 52-week high of Rs 2,094.90.The Great Diwali Discount!
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