April 24, 2018 / 7:20 AM / a month ago

BUZZ-India's TCS drops below $100 bln market cap

** Tata Consultancy Services Ltd falls 1 pct to 3,369.8 rupees; co’s market capitalisation stays below the $100 bln hit on Monday

** TCS became the first Indian technology co to enter the elite league, powered by record quarterly profit and weaker rupee

** Energy-to-telecom conglomerate Reliance Industries Ltd could possibly be the next Indian firm to hit the $100 bln mark, provided it gains about 12 pct from Monday’s close of 936 rupees

** Reliance shares rose nearly 2 pct to 958.50 rupees

** TCS has risen about 26 pct this year, while Reliance has gained only 1.6 pct this year until Monday

** Reliance is estimated to report a record quarterly consolidated profit of about 95 bln rupees ($1.43 bln) this Friday, according to estimates from analysts covered by Thomson Reuters, about 18 pct higher than last year

** Reliance, led by India’s richest man Mukesh Ambani, earlier breached the $100 billion mark way back in 2007, when the rupee was stronger at around 40 per dollar

** Market caps of TCS’ smaller rivals, including Wipro Ltd and Infosys Ltd, are below $50 bln

** Of the 38 analysts covering Reliance, 28 recommends ‘buy’ or higher ratings with median TP of 1,053 rupees, according to Thomson Reuters Eikon data, while 19 out of 45 analysts have ‘buy’ or higher rating for TCS with median TP of 3,215 rupees ($1 = 66.3700 Indian rupees)

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