TCS became a $100 billion company
Wednesday, 25 April 2018, 01:48 IST
Tata Consultancy Services (TCS), India’s most valuable company, has reached its milestone to reach $100 billion in the terms of market capitalization and became the first company to do so in a decade. Last time the milestone off $100 billion was reached by the Reliance Industries Ltd., the telecom to energy conglomerate owned by the billionaire Mukesh Ambani, in the year of 2008 when the rupee was 30% stronger than today.
TCS is India’s largest leading firm that pioneered modern IT sourcing, by taking over many of the back office support functions for households appoints from General Motors Co. to Citigroup Inc. Supported by the TATA group.
“It is an important milestone, which not only gives us something to cheer but also changes the perspective and sentiment toward other Indian software makers,” said Gaurang Shah, head investment strategist at Geojit Financial Services Ltd In Mumbai. “As a brokerage, we have remained positive on India’s IT industry when most analysts treated it as untouchables. With TCS, our confidence in the sector has been reinforced.”
At present, TCS industry is generating around $167 billion of revenue annually. But with the rise of the automation, mobile, artificial intelligence and cloud computing the company are going through a terrible transition. The programming operations and intensive back- office in which TCS specializes, due to the upgradation of the technology have pushed away the client.
Commenting on this DD Mishra, Research Director at Gartner Inc. Said,“If they need to compete with IBM and Accenture, they have to do far better”.
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