TCS Records Fresh All-Time High on Monday; Nears Rs 15-Trillion Market Cap

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TCS Records Fresh All-Time High on Monday; Nears Rs 15-Trillion Market Cap

By Malvika Gurung

Investing.com -- Shares of the IT behemoth Tata Consultancy Services (NS: TCS ) ended Monday’s session 1.29% higher at Rs 4,019.15 apiece, after climbing 2% to Rs 4,043 and recording a new all-time high.

On Jan 12, TCS announced its earnings result for the December-ending quarter, reporting its highest Q3 growth in the past 5 years. It posted a 12.2% rise in net profit at Rs 9,769 crore in Q3, amid healthy revenue growth, rising 4.3% to Rs 48,885 crore on a QoQ basis, and 6.3% YoY.

Over the past three sessions, TCS' stock has gained nearly 5%. 

In today’s session, the IT stock exceeded its earlier high of Rs 3,990, recorded Oct 28. Also, on Wednesday, the company announced a share buyback of Rs 18,000 crore, buying back up to 4 crore shares, priced at Rs 4,500 apiece.

This is the fourth and the biggest share buyback by TCS in the past 5 years, and in the past three buybacks, TCS has returned a total of Rs 48,000 crore to its shareholders.

Besides, TCS has declared to pay an interim dividend of Rs 7/share on Feb 7, fixing Jan 20 as the record date for this payment, and the stock will turn ex-date for interim dividend on Jan 19, cites a syndicated news feed.

Moreover, with the ongoing upward movement of the stock, TCS is soon set to become the second listed company to enter the Rs 15 trillion market capitalization mark, second to Reliance Industries (NS: RELI ) with an m-cap of Rs 17.3 trillion. TCS’ current m-cap is Rs 14.87 trillion.

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