TCS Surpasses Accenture to Become World's Most Valued IT Company

9-Oct-2020

Indian software services major Tata Consultancy Services (TCS) on Thursday became the most valued company in its sector globally, surpassing Accenture. Accenture�s market capitalisation stood at USD 143.1 billion, compared to TCS�s USD 144.7 billion. Meanwhile, IBM, the other global IT software major, had a market cap of USD 116 billion, data from NYSE, Nasdaq and BSE showed. On Thursday, TCS rallied over 3 per cent to close at Rs 2,825 after its board decided the previous evening to go for a buyback at Rs 3,000 per share. Several of the brokerage houses have also upgraded the stock in recent weeks and have also hiked its target price. In India, TCS is the most valued company across sectors, behind Reliance Industries which is at nearly USD 215 billion. In the past few weeks, boosted by expectations of better business prospects, most Indian software services majors have witnessed good buying interest on the bourses. On Thursday, Wipro rallied over 10 per cent in early trades and closed 7 per cent higher, while Infosys rallied over 4 per cent and closed 2.6 per cent higher.