For the first time in the year, Tata Consultancy Services Ltd. has emerged as the world’s most valuable IT company, though only for a brief period of time.
As per the Bloomberg data, considering Thursday’s close, the Tata Group flagship had the market capitalisation standing at $144.7 billion in comparison to Accenture’s at $143.75 billion. However, TCS was unsuccessful in terms of holding the top spot due to the drop in the stock by 1.5 % in early trade on Friday.
Rajesh Gopinathan, the CEO and MD at TCS, stated in post-earning analyst call, “We are at the start of the first phase of the multi-year transformation cycle. The strong order book, a very robust deal pipeline and continued market share gains give us confidence for the future.”
“The company’s positioned very strongly to benefit from secular demand drivers. We also want to say we are in the midst of sustainable demand recovery and this recovery has some more legs to go,” he further added. The Indian IT company had an increase in earning in the September end quarter, jumping to the most in the last 2 years. Meanwhile, Accenture had dropped down in the September end quarter and will dropping further for the following two quarters.