Tata Consultancy Services Ltd (TCS) on Monday became the first Indian technology company to hit the $100 billion market capitalisation mark, riding on the back of record quarterly profit and a weaker rupee. Energy-to-telecom conglomerate Reliance Industries Ltd, led by India's richest man Mukesh Ambani, is the only other Indian company that had breached the $100 billion mark, way back in 2007.
Reliance's market value was $88.8 billion, as of Friday's close, having slipped with the rupee depreciating roughly 40 percent against the dollar in the past decade.
Shares of TCS, India's biggest software services exporter, climbed as much as 4.6 percent to a record high of 3,557.9 rupees ($53.73) on Monday, extending gains for the third straight session after the company posted its biggest-ever quarterly profit last week.
Mumbai-based TCS, which started trading in 2004, is a unit of Tata Group, one of India's oldest companies that now sells cars, power, tea and chemicals through its various subsidiaries.
Fourth-quarter profit rose to 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters Eikon data.