Tata Consultancy Services’ market capitalisation has surpassed that of US technology giant IBM After Monday’s trade, TCS’ market cap stood at Rs 8,37,198 crore, or over $120.49 billion, on the National Stock Exchange. In midday trade on the New York Stock Exchange, IBM’s market value was about $119.8 billion. Mumbai-based TCS still lags Accenture , which has a market cap of a little over $124 billion.IBM has been restructuring its business as it tries to focus on higher margin technologies and software while moving away from the commoditised parts of its business. Last week, it was reported that the company was laying off about 2,000 workers. TCS reported revenue of $20.9 billion in the previous financial year.

Source: Economic Times June 10, 2019 21:56 UTC