India’s largest software company, Tata Consultancy Services (TCS:NSE) becomes the most-valuable IT company in the world as it surpasses Accenture for the first time in terms of market-cap. The company’s market value was clocked at $144.7 billion against Accenture’s $143.1 billion values, as on October 8 closing.

TCS gained over three percent to close at Rs.2,825 as its board approved share buyback at Rs.3,000 per equity share.

En route to the top position, TCS had also gone past IBM, which is closed sale with a market capitalisation of $119.46 billion. With this, among the listed Indian companies, TCS is only behind Reliance Industries in terms of market capitalisation. Reliance Industries’ market capitalization stands at nearly $215 billion.

TCS’ amazing run in the stock market owes thanks to its Q2 growth results. A couple of days back, the company had announced its consolidated financial results according to Ind AS and IFRS, for the quarter (Q2) ending September 30, 2020. While the revenue was clocked at $5.424 billion, which is a 1.7 percent decrease on YoY, the company witnessed a healthy 7.2 percent QoQ growth and Constant Currency (CC) revenue growth of 4.8 percent QoQ.

According to the data published by the TCS, the company’s growth is largely driven by BFSI (+6.2 percent QoQ) and Retail (+8.8 percent QoQ) segments. Furthermore, its operating margin was expanded 2.2 percent YoY to clock 26.2 percent. Following the results, the company had also announced that the salary increases will be rolled out, effective October 1st.