Weak rupee, TCS mood-upper lift Nifty IT index to new high

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The software giant is just short of becoming India's first $100 billion company by market capitalisation.

Scrip-wise, shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose almost seven per cent to touch a new high of Rs 3,414 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

This also boosted its market capitalisation, which moved up by ₹41,301 crore to ₹6.52 lakh crore, which is nearly $99 billion, a whisker away from the $100-billion mark. Following this, TCS stock soared 7.2 per cent during the day to reach a 52-week high of Rs 3421.25 on BSE after opening at Rs 3,250. The market capitalisation of listed firms on NSE stood at Rs 1,48,30,739.84 crore. After scaling a new peak at ₹3,421.25, TCS settled the day at ₹3,406.40 on the BSE, a gain of over 6.76 per cent.

Metal stocks lost shine with the NSE metal index shedding 0.7 per cent following a five-session winning run. The shares of India's biggest IT company today surged almost 7 per cent after its fourth-quarter earnings beat market expectations.

The top Nifty gainers included TCS and HCL Tech, each gaining over 3 percent while Tech Mahindra, Wipro and Hindustan Petroleum Corporation were the other gainers.

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Led by the sharp gains in these stocks, the BSE IT index gained 4.80 per cent to end at 13,335.13.

TCS reported a 4.4 per cent increase in its net profit at Rs 6,904 crore during the quarter that ended on March 31.

The Tata group flagship, which contributes around 85 percent of the group's profit, reported a revenue growth of 8.2 percent at Rs 32,075 crore for the three months to March.

Cyient hits all-time high Hyderabad-based IT company Cyient on Friday surged to a life high of Rs 709.60, propelled by robust March quarter results. On Thursday, the company announced a 1:1 bonus for its shareholders on its 50th anniversary while declaring its fourth quarter earnings. TCS has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.

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