New Delhi: Tata Consultancy Services (TCS) on Friday channeled Accenture to become the world’s most valuable IT company, a feat it retained for a very short time.
TCS ‘market capitalization was $ 144.7 billion compared to Accenture’s market capitalization of $ 143.1 billion (data as of October 8).
TCS achieved another great feat on Monday, becoming the second Indian company after Reliance Industries to achieve a market valuation of more than Rs 10 lakh crore. Following the rally in its share price, the company’s market valuation rose 69,082.25 million rupees to reach 10,15,714.25 million rupees at the close of business on EEB.
Last month, TCS became the second Indian company to have a market valuation of more than Rs 9 lakh crore after Reliance Industries Limited. It is the second most valuable national company in terms of market capitalization.
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Reliance Industries Limited is the first Indian company to cross the market valuation mark of Rs 10 lakh crore.
TCS announced on Wednesday a buyback plan of mega-Rs 16,000 crore to Rs 3,000 per share. Also in 2017 and 2018, TCS had made buyback offers of similar sizes. The buyback will be done through a public offering route through the stock exchange mechanism, he added.
The buyback offer is subject to member approval through a special resolution through a postal ballot, according to the document. A public announcement setting out the process, timing and other necessary details will be published in due course following the buyback regulations.
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