TCS defeats IBM to become the country’s most valuable firm

Indian IT company Tata Consultancy Service (TCS) overtook IBM, which is one of the biggest global technology majors in terms of market capitalization. While on Monday, TCS share was $120.5 billion i.e. 8.37 lakh crore in IBM share was $119.6 billion i.e. 8.32 lakh crore New York stock exchange.

IBM has been dropping its m-cap in the past one year. Its m-cap fell about $14 within a year. 

Surprisingly, Tata Consultancy Service has also transcended Reliance Industries Ltd. which is 8.36 lakh crore in market capitalization. At the time of closing of the trade, the market capitalization of TCS was at 8.55 lakh crore which was 1.70 thousand crores more than the RIL’S market capitalization. TCS had increased their hiring in IT by 377%. The company had stopped mass hiring and is now focussing on employing those candidates who have expertise in Artificial Intelligence, Blockchain, Data Mining, and Analytics, among others.

In the month of May, Reliance Industries had reclaimed the status of India’s most valuable firm in terms of market capitalization overtaking TCS. Even in the past, both the firm competed with each other in the past for the number one position in the country in terms of market capitalization. The market capitalization of the company changes daily with the change in their stock prices. 

The rise of TCS brought the company back as a growing leading-industry. While TCS reported revenue of $20.9 billion in the previous financial year, IBM ended 2018 with $79.6 billion. 

There have been several changes after, Rajesh Gopinath took charge over the company as the CEO of TCS in February 2017. He focused on its digital business.

Devishi Sachdeva

BW Reporters A budding journalist having a versatile range of interests including tech, photography as well as in the Indian Defence and Foreign Affairs.