Infosys goes past TCS in market cap

Reproducing the news item posted in REDIFF.

Infosys has vaulted past Tata Consultancy Services as India's most valuable IT services company with a market capitalisation of Rs 56,740 crore (Rs 567.40 billion) as of May 9, 2005.

On the Bombay Stock Exchange, Infosys shares surged by as much as 3.74 per cent to close the day at Rs 2,096.85 per share. TCS shares on the BSE moved in a narrow band to close at Rs 1,172.40 per share rising by 0.46 per cent. The TCS market cap on the BSE stands at Rs 56,286.92 crore (Rs 562.869 billion).

Now Infosys is India's fourth largest company in terms of market cap behind ONGC, Reliance and NTPC.

The increase in Infosys share price came even as the company sponsored secondary ADR offering opened on Monday. Infosys is sponsoring a secondary ADR offering on the Nasdaq of not more than 16 million ADRs, against the block of shares to be divested by the shareholders.

This is the company's second such sponsored ADR offering in the last three years.

The offer will close on May 19. The acceptance of the deposited shares will be communicated to the participants by June 8.
On the National Stock Exchange, the Infosys share gained 3.71 per cent to close the day at Rs 2096.60 per share, registering a market capitalisation of Rs 56,734 crore (Rs 567.34 billion). TCS gained 0.66 per cent to close the day at Rs 1,175.25 per share for a market capitalisation of Rs 56,423.75 crore (Rs 564.237 billion).