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

Surpassing the rival Accenture for the first time in terms of market capitalisation,  India's largest software exporter Tata Consultancy Services (TCS NSE -0.54 %) became the most-valuable information technology (IT) company globally.

While bringing its market cap to Rs 10.6 trillion, TCS closed 3.19% higher at Rs 2,825 on the BSE. And if we look at Accenture, it  is currently valued at Rs 10.52 trillion on the Nasdaq. While IBM’s market cap is currently at Rs 8.67 trillion.

Analysts said that the reason behind TCS improved performance is its sharp bounce back in growth in key verticals like BFSI, Retail & CPG and Lifesciences,  

With global clients spending more on cloud and digital projects, the company had reported a 3% rise in revenue on a year on year basis to Rs 40,135 crore. The company has kept pace with business changes exacerbated by the pandemic. With this sharp rise, the company is expected to expand market share in global markets which will include Europe as well.  

“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 said.