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TCS surpasses Accenture in market cap

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Mumbai: India’s largest software program exporter Tata Consultancy Services (TCS) on Thursday turned the most-valuable data know-how (IT) firm globally because it surpassed rival Accenture for the primary time by way of market capitalisation.

TCS closed 3.19% greater at Rs 2,825 on Thursday on the BSE bringing its market cap to $144.73 billion or Rs 10.6 trillion. Accenture is at the moment valued at $143.four billion or Rs 10.52 trillion on the Nasdaq whereas IBM’s market cap is at the moment at $118.2 billion or Rs 8.67 trillion.

Shares of TCS have been bolstered on Thursday by a greater than anticipated efficiency within the second quarter ended September and a buyback introduced by the agency price Rs 16,000 crore. TCS additionally declared an interim dividend of Rs 12 per share.

The firm had reported a 3% rise in income on a yr on yr to Rs 40,135 crore with international purchasers spending extra on cloud and digital tasks to maintain tempo with enterprise adjustments exacerbated by the pandemic.

Analysts mentioned that the important thing side within the improved efficiency by TCS in comparison with the final quarter was that the corporate had seen a pointy bounce again in development in key verticals like BFSI, Retail & CPG and Lifesciences.

The firm is anticipated to broaden market share in international markets, together with Europe, in keeping with a notice by analysts Sudheer Guntupalli and Hardik Sangani of brokerage ICICI Securities.

“In Europe, our channel checks suggest the company is well positioned to win several upcoming large deals (in areas like CX/CI) given its edge over the competition. Aided by its prior expertise of handling M&A led systems/process integration projects post GFC, TCS should benefit from a similar trend post Covid-19,” they mentioned.

ET reached out to Accenture and TCS for feedback on the matter.

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