Indian tech giant Infosys created history on Tuesday morning when it became only the fourth Indian company to hit the $100 Billion market capitalization mark. The other companies which have reached the mark before are Reliance Industries Limited with an m-cap of $140 billion, Tata Consultancy Services with an m-cap of $115 billion, and HDFC bank with an m-cap worth $100.1 billion.
Infosys reached the milestone on Tuesday morning trade when its shares were being traded at its 52-week high value of Rs 1,755.6 on the BSE, which took the market cap to $100.78 billion or ₹ 74.77 lakh crore.
Infosys, founded in the years 1981 by N.R. Narayan Murthy and others in Pune is now one of the fastest-growing companies in India, providing business consulting, information technology, and outsourcing services. Now with its headquarters in Bengaluru, in the first quarter of 2021-22 fiscal, Infosys reported a net consolidated profit of ₹ 5,195 crores, showing a growth of 2.3 percent even at a time when India was suffering a massive second wave of Covid-19. In the same quarter, its revenue rose 18% year-on-year to ₹ 27,896 crores aided by strong growth across segments
Recently, Infosys also raised its revenue growth projections for the fiscal year 2022 to 14-16 percent from 12-14 percent earlier.
The previous week was a nice week for seven of the 10 most valued domestic companies in India as they together added ₹1,31,173.41 crore in market valuation last week. Hindustan Unilever Limited (HUL) and TCS emerged as the biggest gainers. The market capitalization of HUL rose to ₹ 6,15,016.63 crore and at the same time, the valuation of TCS jumped ₹ 35,344.44 crores to reach ₹ 13,15,919.03 crore.
Market capitalization, commonly known as m-cap or market cap is the market value of a publicly traded company’s outstanding shares. It is calculated as the share price multiplied by the number of shares outstanding.