With TCS also crossing Rs.10 lakh crore in market cap, do you see other stocks also joining the list soon?
Answer
Answer
On 04 October, TCS became the second Indian company after Reliance Industries to scale above the Rs.10 trillion market cap mark. Of course, Reliance is already above the Rs.15 trillion market cap level and has built a huge gap over TCS for the time being.
TCS stock touched the market cap benchmark of Rs.10 trillion after its stock saw a life-time high of Rs.2727 on 05 October. The rally in the stock came after it said it would consider a buyback of shares on 07 October, along with the announcement of its quarterly results.
On 05 October alone, market capitalization of TCS saw accretion of Rs.68,000 crore in one session. After buybacks in 2017 and 2018, TCS had put buybacks on hold after the controversial buyback tax uncertainty.
In terms of other companies in the ranking, HDFC Bank has a market cap of Rs.6.15 trillion while Hindustan Unilever has a market cap of Rs.5 trillion following by Infosys at Rs.4.50 trillion. They may have to wait much longer to cross the Rs.10 trillion mark.