India's top tech company is worth $100 billion

India's biggest tech firm has broken the $100 billion barrier.Tata Consultancy Services (TCS) saw its market c...

Posted: Apr 23, 2018 4:21 PM
Updated: Apr 23, 2018 4:21 PM

India's biggest tech firm has broken the $100 billion barrier.

Tata Consultancy Services (TCS) saw its market capitalization cross the milestone for the first time on Monday, the first Indian company to do so in at least a decade and only the second ever.

Reliance Industries, the conglomerate owned by India's richest man Mukesh Ambani, achieved a market capitalization of $100 billion back in 2007, according to FactSet data, but has since slipped back a bit. Reliance is now worth about $89 billion.

TCS is part of the Tata Group, another of India's big conglomerates that sells everything from cars to salt and owns iconic global brands like Jaguar Land Rover.

"We are ... delighted and thankful to our employees and customers who have been instrumental in achieving this milestone," TCS CEO Rajesh Gopinathan said in a statement emailed to CNNMoney on Monday.

The company's shares surged more than 4% on Monday to take its value past the $100 billion-mark, but they shed most of those gains to close narrowly higher in Bombay. That left its market value at $99 billion.

The stock price has risen more than 7% since Thursday, when TCS reported quarterly revenues of nearly $5 billion, beating analysts' expectations.

Gopinathan attributed the company's strong performance to its growth in new digital technologies like cloud computing, automation and smart, connected devices, as well as "mega-deals" with new clients -- including Marks & Spencer and Rolls Royce -- in the past year.

'Right direction'

"TCS strategy has been in the right direction," said DD Mishra, an analyst at consulting firm Gartner, adding that the company has been able to apply new technologies to meet the changing needs of its customers.

TCS has also adapted to other challenges facing India's massive tech industry, such as growing protectionism around the world. The company has been one of the biggest recipients of America's H-1B work visas, close to 70% of which generally go to Indian tech workers and which President Donald Trump has sought to crack down on.

But TCS revealed last year that it began dramatically reducing its dependence on the H-1B program even before Trump took office, hiring more local workers instead. The company hired 11,500 new employees outside India in the last financial year, Ajoy Mukherjee, vice president of human resources, said in its latest annual report.

It has also been expanding in markets outside North America. TCS said last week that its business in Europe and the UK grew by 19% and nearly 11% respectively in the quarter ended March, with North America growing by almost 5% compared to the previous year.

-- CNN's Ivana Kottasova contributed to this report

New York Coronavirus Cases

County data is updated nightly.

Cases: 1694651

Reported Deaths: 48335
CountyCasesDeaths
Queens2184108926
Kings2182459258
Suffolk1664973125
Nassau1526462956
Bronx1490725955
Westchester1103302125
New York1075853980
Erie668181618
Richmond589101605
Monroe53391998
Rockland39673896
Orange38194730
Onondaga32798636
Dutchess23006413
Albany21239335
Oneida19928481
Niagara15554316
Broome15461339
Saratoga12245149
Schenectady11039178
Ulster10331232
Rensselaer9233132
Putnam856586
Chautauqua7443126
Chemung6481130
Oswego611989
Ontario591490
St. Lawrence570191
Steuben5584139
Cayuga543889
Jefferson491063
Sullivan489160
Herkimer4609107
Wayne454065
Cattaraugus449977
Genesee4483119
Madison389685
Clinton378827
Livingston361156
Tompkins352343
Columbia345696
Fulton344085
Montgomery3259107
Cortland324160
Allegany293081
Warren291355
Wyoming288549
Tioga286456
Greene270971
Chenango250270
Otsego248643
Orleans247782
Washington240654
Franklin217612
Lewis210330
Seneca165554
Delaware159033
Essex136426
Schoharie125113
Yates102426
Schuyler87312
Hamilton2862
Unassigned16199
Out of NY0194
Rome
Partly Cloudy
25° wxIcon
Hi: 33° Lo: 2°
Feels Like: 25°
Binghamton
Partly Cloudy
25° wxIcon
Hi: 37° Lo: 6°
Feels Like: 18°
Rome
Partly Cloudy
25° wxIcon
Hi: 35° Lo: 2°
Feels Like: 25°
Rome
Clear
25° wxIcon
Hi: 30° Lo: -6°
Feels Like: 25°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Foodie Fridays Rosa's 50% 0ff - Now thru March 18
Submit your Mutt Madness Picture through March 10th
March into Beautiful Skin Giveaway
Under 100 2021 Golf Cards left!
Saluting Those Who Are Proud 2 Serve