Tata Consultancy Services (TCS) on Thursday surpassed Accenture to become the world’s most valuable IT firm
On Thursday, TCS has surpassed Accenture. Tata Consultancy Services (TCS – $144.73 billion) is now the most valued IT services company in the world surpassing Accenture ($143.4 Billion). The shares of TCS rallied 3% on Thursday after its board approved a share buyback at Rs 3,000 per share. In 2017 and 2018 too, TCS had undertaken buyback offers of similar sizes.
The last time TCS beat out Accenture was in 2018, but IBM was leading the Market at that time. Now IBM at third Position.
Also, after a steep decline in the previous quarter, the company bounced back in the second quarter as it saw a sharp recovery in revenue growth and margins. It saw broad-based growth across regions and verticals, with the management stating that the recovery has ‘strong legs’ and will continue.
TCS will roll out salary hikes from October for all its over 4.54 lakh employees as the company saw a “multi-year” growth return on the back of global clients stepping up technology spend. IT Giant is also stepped up hiring.
TCS COO, N Ganapathy Subramaniam said, at the company’s earnings press conference, “We lost 34 employees globally to COVID. We would like to dedicate this quarter to them,”
Over 95% of TCS employees continue to work from home. This is in line with the company’s Vision 25*25, wherein it aims to have only 25% of its employees to work from its facilities by 2025. It also said every employee can work without spending more than 25% of their time in a TCS office., he added.