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TCS surpasses Accenture in m-cap to become world’s most-valuable IT company

TCS surpasses Accenture in m-cap to become world’s most-valuable IT company

India’s largest software exporter Tata Consultancy Services became the most-valuable information technology company globally as it surpassed rival Accenture for the first time in terms of market capitalization.

TCS closed 3.19% higher at Rs 2,825 on Thursday on the BSE bringing its market cap to $144.73 billion or Rs 10.6 trillion. Accenture is currently valued at $143.4 billion or Rs 10.52 trillion on the Nasdaq while IBM’s market cap is currently at $118.2 billion or Rs 8.67 trillion.

Shares of TCS were bolstered on Thursday by a better than expected performance in the second quarter ended September and a buyback announced by the firm worth Rs 16,000 crore. TCS also declared an interim dividend of Rs 12 per share.

The company had reported a 3% rise in revenue a year on year to Rs 40,135 crore with global clients spending more on cloud and digital projects to keep pace with business changes exacerbated by the pandemic.

Analysts said that the key aspect of the improved performance by TCS compared to the last quarter was that the company had seen a sharp bounce back in growth in key verticals like BFSI, Retail & CPG, and Lifesciences.

The company is expected to expand market share in global markets, including Europe, according to a note by analysts Sudheer Guntupalli and Hardik Sangani of brokerage ICICI Securities.

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