Mumbai-based IT major Tata Consultancy Services surpassing the US-based IT major Accenture to become the world's most valuable IT company once again by market capitalisation on January 25.
TCS’ market capitalisation stood at $169.21 billion on January 25 as against Accenture’s $168.8 billion.
In October last year also, TCS had surpassed Accenture as the most valuable IT firm in the world. Accenture is listed in the New York Stock Exchange (NYSE).
The IT major also surpassed Reliance Industries Ltd (RIL) to become the most valued firm in the country for the second time. It was the most valued firm in March 2020.
RIL's market cap stood at $168.47 billion on January 25, 2021.
The NYSE listed tech majors SAP and IBM’s market capitalisation stands at $152.02 billion and $105.68 billion, respectively. BSE-listed Infosys’ market cap was $77.21 billion.
IT firms were one of the biggest gainers amid the COVID-19 pandemic, and TCS saw its growth momentum come back over the last few months.
For the December 2020 quarter, the company’s revenue grew 2.1 percent YoY to $5.7 billion, after declining 7.8 percent and 2.1 percent in Q1 and Q2, respectively. TCS is confident about getting back on to a double digit growth trajectory in FY22 as it anticipates a multi-year technology transformation cycle.