In a remarkable achievement, TCS (Tata Consultancy Services) has reached a historic market capitalization exceeding Rs 15 lakh crore, marking an all-time high on February 6. The stock exhibited strong performance, trading 3.7 percent higher at Rs 4,125 and reaching an intraday peak of Rs 4,135 per share by 12:40 pm.
Amidst a 2.23 percent surge in the Nifty IT index, outperforming other sectoral indices, TCS emerged as the leading gainer in the Nifty IT segment, surpassing the gains of Wipro, HCL Tech, and Mphasis, each rallying more than 3 percent.
Analysts observed a notable uptick in long positions for TCS, with a 3.5 percent increase in Open Interest (OI). The options market reflected significant put writing at the 4,000 strike price, while call writing was prominent at the 4,300 and 4,200 levels.
In the recent quarter, TCS reported marginal revenue improvement alongside robust margin expansion. Q3FY24 witnessed a 75 basis points expansion in operating margins every quarter and a 48 bps increase year-on-year. TCS also celebrated substantial deal wins, achieving a Total Contract Value (TCV) of $8.1 billion.
Year-to-date performance in the Nifty IT index showcased Persistent Systems as the top gainer, surging by 17 percent. Infosys followed closely with an 11 percent increase, and TCS demonstrated an 8 percent gain, reinforcing its position as a key player in the IT sector.
This accomplishment underscores TCS’s resilience and strategic growth, positioning itself as a frontrunner in the competitive IT landscape.