TCS becomes first company to close trading with over Rs 7 trillion m-cap

Tata Consultancy Services (TCS) on Friday became the first company to close the trading session with a market valuation of over Rs 7 trillion on a day when its board approved a share buyback of up to Rs 160 billion.

Shares of the company jumped 2.75 per cent to close at Rs 1,841.45 on BSE. During the day, it surged 3.16 per cent to Rs 1,849.

At NSE, the scrip closed at Rs 1,840, up 2.93 per cent.

Led by the gain in the stock, the company's market valuation soared Rs 188.36 billion to Rs 7.05 trillion ( $103 billion) at the close of trade.

On the equity volume front, 766,000 shares of the company were traded on BSE and over 9.1 million shares changed hands at NSE during the day.

Last month on May 25, the IT bellwether's market valuation had briefly crossed the Rs 7 trillion mark.

"...Board of Directors of the company at its meeting held on Friday ... has approved a proposal to buy back up to 76.1 million equity shares...of the company for an aggregate amount not exceeding Rs 160 billion...," TCS said in a regulatory filing.

TCS market valuation had earlier this year went past the Rs 6 trillion level, making it the second company to achieve the milestone after Reliance Industries.

The Mumbai-headquartered TCS had in April became the first Indian company to close the trading session with over $100 billion market valuation.

TCS is the country's most valued firm followed by Reliance Industries Ltd with an m-cap of Rs 6.42 trillion, HDFC Bank (Rs 5.28 trillion), HUL (Rs 3.50 trillion) and ITC (Rs 3.22 billion) in the top five list.