Ratan Tata’s TCS earns Rs 24.11 crore in just 72 hours when annual wage increases are delayed
Tata Consulting Services (TCS) market capitalization (MCAP) soared to Rs 11,935,889.8 crore.
TCS News: Tata Group’s IT company TCS has joined the news due to delays in annual salary for employees. Announced the decision, TCS cited global economic uncertainty and the focus of the move, saying the company will decide to raise interest rates this year. Now, TCS has earned Rs 24,114.5 crore after its market cap soared from April 15 to 17 hours (72 hours). The company’s share price closed at Rs 3,297.40 on Thursday. Tata Consulting Services (TCS) market capitalization (MCAP) soared to Rs 11,935,889.8 crore. The market witnessed a strong recovery, soaring more than 4.5% in the shortened week of holidays (April 14 (Ambedkar Jayanti) and April 18 (Goodday). Over three days (72 hours), the BSE benchmark Sensex jumped 3,395.94 points or 4.51%, and the NSE Nifty soared 1,023.1 points or 4.48%.
Read | Ratan Tata’s TCS accused of favoring Indian workers, Tata Group responds
Additionally, the market value of the top ten most valuable companies jumped by Rs 3.84 crore, with HDFC Bank and Sunil Mittal’s Bharti Airtel becoming the biggest profiters. HDFC Bank’s market valuation scaled by Rs 764,8395 crore to Rs 14,58,934.32 crore, the largest company in the top ten. Bharti Airtel added Rs 75,21077 crore to its valuation of Rs 10,77,241.74 crore. The market valuation of Mukesh Ambani’s Reliance Industries soared by Rs 74,766.36 crore to Rs 17,247,685.9 crore. Reliance Industries remains the most valuable domestic company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, National Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and ITC.
(Input with PTI)
