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Tuesday, October 20, 2020

TCS beats Accenture as most valued IT company

MUMBAI: Indian software services major Tata Consultancy Services (TCS) on Thursday became the most valued company in its sector globally, surpassing Accenture. At 11pm IST, Accenture’s market capitalisation was $143.1 billion, compared to TCS’s $144.7 billion (by Thursday’s close on the BSE). IBM, the other global IT software major, had a market cap of $116 billion, data from NYSE, Nasdaq and BSE showed.
On Thursday, TCS rallied over 3% to close at Rs 2,825 after its board decided the previous evening to go for a buyback at Rs 3,000 per share. Several of the brokerage houses have also upgraded the stock in recent weeks and have also hiked its target price. In India, TCS is the most valued company across sectors, behind Reliance Industries which is at nearly $215 billion. tnn
In the past few weeks, boosted by expectations of better business prospects, most Indian software services majors have witnessed good buying interest on the bourses. On Thursday, Wipro rallied over 10% in early trades and closed 7% higher, while Infosys rallied over 4% and closed 2.6% higher.



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