New Delhi: IT services leader Tata Consultancy Services (TCS) hit the $ 200 billion market cap on Wednesday as its shares hit lifetime highs in intraday trading. The stock rose to a record high of Rs 3,980 before settling 1.79% up to Rs 3,954.80. The market cap or m-cap of the company stood at around Rs 14 , 63 lakh crore ($ 199.1 billion).
Prior to that, Reliance Industries (RIL) was the only listed company in India with a market valuation of over $ 200 billion. RIL’s current m-cap stood at Rs 15.08 lakh crore ($ 205.2 billion).
Overall, the IT industry is doing well in the context of the Covid-19 pandemic due to the rise in digital business. Infosys shares rose 1.49% today to Rs 1,711. The company’s m-cap jumped to Rs 7.26 lakh crore ($ 98.8 billion).
In another round of developments, TCS has been named a leader in the IDC MarketScape for global R&D strategic advisory services in the life sciences, the company said in an exchange notification.
The IDC MarketScape Supplier Assessment Model aims to provide insight into the competitiveness of ICT (information and communication technology) suppliers in a given market.
“The pandemic has resulted in unprecedented collaboration and acceleration of R&D initiatives by life science companies. These companies are partnering with TCS to develop the right transformation strategy, innovatively harness next-generation technologies such as AI, IoT and blockchain to accelerate and expand their R&D programs, improve business outcomes and achieve targeted growth, ”said Vikram Karakoti, Global Co-Head, Life Sciences, TCS.
TCS said it has invested heavily in research and innovation capabilities in the field of life sciences. The company added that its genomics labs offer capabilities such as DNA sequencing, marker validation and translational research.
Last week, TCS announced that Avianca, one of South America’s leading airlines, had selected it as a strategic partner in its cloud transformation journey.