Monday 12 October 2020

TCS now world’s most valuable IT services provider

TCSWhen covering last week’s TCS quarterly results (see TCS shares surge) and its subsequent stock market rise, I failed to spot that the firm had overtaken Accenture in terms of market capitalisation, to become the world’s most valuable IT services provider. 

On the Bombay Stock Exchange TCS is now valued at $144.7bn with Accenture worth $143.4bn on the NASDAQ. TCS share price has gone up more than 30% since the beginning of 2020 and the recovery since the pandemic outbreak has been strong with stock up 70% - truly impressive stuff!

Having overtaken IBM’s market Cap in mid-2019, topping Accenture is a hugely symbolic achievement for a firm that has grown rapidly from offshore specialist to true global IT giant. What’s more the UK has played a huge part in TCS’s success as outlined in colleague Anthony’s recent piece The Rise and Rise of TCS. Not only is the UK TCS’s second most important market but we have seen the firm rise to become the second largest SITS player here and is now hot on the heels of market leader Capita. Again you can read more in our recently published UK Software and IT Services Rankings 2020.

Posted by Marc Hardwick at '08:24' - Tagged: results   offshore   suppliers   stockmarket