Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai
The market value of Tata Consultancy Services (TCS) on Wednesday crossed Rs 6 trillion for the first time. Shares of the company gained 2.3 per cent to Rs 3,175, valuing the company at Rs 6.08 trillion, slightly behind Mukesh Ambani-led Reliance Industries (RIL), which was valued at Rs 6.11 trillion.
With this, TCS and RIL—the only two companies in Rs 6 trillion market cap club—are in a hot contest to become first Indian company to hit $100 billion market cap.
As of Wednesday's current rupee-dollar exchange rate, whichever company achieves about Rs 6.4 trillion in market cap will get that tag. RIL is just 4.5 per cent away and TCS is five per cent shy of the mark. While RIL is slightly ahead, the current momentum of technology stocks might see TCS get there first.