TCS became the first company to close trading session with a market valuation of over Rs 7 lakh cr on a day when its board approved a share buyback of up to Rs 16,000 cr.
TCS ended with over 2 per cent gains, adding Rs 16,539 crore to its market valuation, on the company's plan to buy back shares at its board meeting later this week.
TCS said it has expanded its agreement with M&G Prudential, which will expand the deal size to more than USD 1.2 billion.
Indian equities gained for a third straight session on Monday as a sharp drop in crude prices and a recovery in the rupee boosted sentiment.
TCS increased its spending on research and development and innovation initiatives by over 17% to Rs 1,500 cr in 2017-18, compared to the previous year.
TCS shares slipped 0.43 per cent to settle at Rs 3,589.45 apiece on the BSE. During the day, it had gained 1.91 per cent to hit a one-year high of Rs 3,674.
Indian shares rose, driven by IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd on the back of a weak rupee.
Wipro Ltd, India’s third-biggest software services exporter by revenue, posted lower-than-expected fourth-quarter net profit, hurt by lower revenue from operations.
Shares of TCS today surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over USD 100 billion.
Tata Consultancy Services Ltd, breached the 3,500 rupee per share mark on Monday for the first time, reaching $100 billion in market capitalisation.
Minority investors divided over changes at ICICI bank
Fund managers seek clarity on governance & leadership for investment decisions
Kochhar's fully paid leave raises questions
Proxy advisory firm raises questions on remuneration
Will issue 5.1% equity shares worth Rs 746 Cr to investors, priced at Rs 1,661/sh
IIFL's wealth management business valued at Rs 14,600 Cr
Investors include Amansa holdings, General Atlantic Singapore & HDFC Standard Life
Gets final USFDA approval for Generic Sustiva
U.S. Sales stood at approximately $105 Mn in a 12 month period, ending in April 2018
Nerolac to enter share purchase agreement with RAK paints in Bangladesh
Will acquire 55% paid up equity share capital in RAK paints for Rs 45.8 Cr
Acquisition to be complete by 31st July 2018
UPL consortium said to be in talks to buy platform's agri pesticide unit Arysta Lifescience
UPL to team up with Abu Dhabi investment authority for Arysta Lifescience
UPL group's talks for Arysta Lifescience unit said to be in advanced stages