TCS overtakes Accenture to become world’s largest IT firm by market cap

Mumbai: Tata Consultancy Services Ltd. (TCS) on Monday eclipsed Accenture Plc to become the world’s largest IT company by market cap. In the process, it also became India’s most valuable company, overtaking Reliance Industries Ltd. (RIL) after 11 months.

The New York Stock Exchange, where Accenture is listed, is yet to open for trade on Monday.

TCS’ share price fell 0.40% Rs 3,290 apiece — on the BSE today, imparting India’s largest software services exporter a market cap of $169.2 billion, or Rs 12.34 lakh crore. Accenture is currently valued at $168.4 billion, or Rs 12.27 lakh crore, on the NYSE. RIL’s market cap is currently at $168.5 billion, or Rs 12.29 trillion.

TCS delivered better-than-expected Q3 results — its net profit rose 7.3% year-on-year to Rs 8,701 crore in a traditionally weak quarter. During October -December, The IT bellwether, a Tata Group company, made two acquisitions to expand its presence in the European market and is likely to see more large deal wins, according to the management.

The NSE Nifty IT Index outperformed the broader indices in a pandemic year as information technology firms capitalised on the increased demand for digital services for remote working.

The Nifty IT index rose 57.98% in the last one year compared to a 16.25% rise in NIfty 50.