After a recent surge in its shares, Tata Consultancy Services (TCS) crossed the $100 billion market capitalization milestone, a first for any Indian company in the last decade. The IT giant ended its last week at a valuation of around $99 billion with its share prices surging 4.6 percent to hit an all-time high of Rs. 3,557.90 soon after the market opened on Monday. This achievement made the company a part of the esteemed group of the world's 100 most valued organizations with it holding the 97th spot, according to a report. However, the coveted figure didn't last for long as the share prices of TCS reduced to Rs. 3,415.20 as the Mumbai-based stock exchange closed later in the day, bringing down the valuation to $99 billion.
Tata Group-backed TCS maintained a consistent performance in the past few years with its market capitalization now being higher than the combined valuation of all its peers, which includes some prominent names like Infosys, Wipro, Tech Mahindra, and HCL Technologies. The timely adoption of newer technologies to cater its global customers is believed to be a reason to back TCS' success story that allowed it to outperform its rivals, which were once much ahead of it. The last Indian company to have crossed the $100 billion mark back in 2008 was Reliance Industries, which is now valued at $89 billion. Owned by India's richest man Mukesh Ambani, the conglomerate is better known for its extensive work in the petroleum industry, while it recently ventured into the telecom space with its subsidiary Reliance Jio.
Established over 50 years ago, Tata Consultancy Services is a part of Tata Group, which itself is a 150-year-old Indian conglomerate. TCS is India's largest IT services provider and is also the largest private sector employer in the country with close to 400,000 employees spread across its offices in 46 countries. The company also has a strong presence in the U.S. and it is also one of the largest job creators in the IT industry of the country. It is now looking to expand its business in certain European markets where it has managed to achieve a double-digit growth rate in the past few quarters.