TCS becomes first Indian IT company to cross $200 billion market cap

Leading Software Exporter Tata Consultancy Services, also known as TCS, made headlines by becoming the first Indian IT company to cross the $200 billion market cap on Wednesday. This comes as a result of investors constantly backing tech service providers who are growing their business, helping the digital transformation of global business firms.

TCS which recently completed 50 years, was only listed on the stock exchanges in 2004. A company executive said that the tech giant took 13.5 years to get to a $100 billion market cap, while the next USD 100 billion took 3.5 years. TCS Chief Executive Officer Rajesh Gopinathan said that the market had doubted them regarding whether they will adapt to different shifts in technologies at various points in time.

Gopinathan noted that every time that myth has been broken, one had witnessed this movement on the markets. He stated that when automation came, there existed a lot of coverage that noted automation is evolving to be the industry’s death knell. When digital came into existence, commentators remarked digital is going to wipe us out, Gopinathan said.

TCS chief also told media last week that the stock market validation comes due to the resilience and dedication displayed by the Tata Group company, which rode multiple tech waves over the decades rather than get disrupted by them. Reliance Industries also became the most valuable Indian company, with over $205 billion market capitalization.

TCS is also now constantly trying to position itself as a technology company that provides end-to-end consulting to implementations to global customers, clients and gain more of their wallet share. The company is bullish on faster growth as clients across various sectors invest in software technology to transform their business.

The Indian tech giant’s global competitor Accenture has a market capitalization of $216 billion and IBM at $122 billion. Another one of TCS’s biggest rivals is Infosys which was valued by investors at $99 billion.