On December 3, after the rupee reached a new record low against the US dollar and crossed Rs 90, a rise was seen in the shares of IT companies. Due to the rise in share prices, there was a rise in the Nifty IT index. The special thing is that there has been a tremendous increase in the shares of Tata Consultancy, the country’s largest IT company. During the trading session, the company’s shares saw a rise of about two and a half percent. Due to this rise, there has been an increase of about Rs 28 thousand crore in the valuation of the company. Let us also tell you what kind of reaction is being seen in the shares of the company in the stock market.
TCS shares rise
There is a good rise in the shares of Tata Consultancy Services, the country’s largest IT company. During the trading session, the company’s shares were seen at the level of Rs 3,212 with an increase of 2.44 percent, which is also the high of the day. However, at 1:10 pm, TCS shares are trading at Rs 3,175.50 with a rise of 1.27 percent. However, today the company’s shares opened at Rs 3150. On Tuesday, the company’s shares closed at Rs 3,135.60.
Company profit of Rs 27,642 crore
How the fall in rupee became a boon for TCS can be understood from these figures. Due to the rise in the company’s shares in the stock market, there has also been an increase in the valuation of the company. According to the data, when the stock market closed on Tuesday, the market cap of the company was Rs 11,34,487.53 crore, which came down to Rs 11,62,129.72 crore during the trading session on Wednesday. This means that there has been an increase of Rs 27,642 crore in the valuation of the company.
Rupee at record low level
According to currency market experts, due to continuous profit-booking by foreign investors and uncertainty regarding the India-US trade agreement, the rupee opened at its lifetime low on December 3. Crossed the 90 level against the US dollar. The rupee opened at 89.96 against the dollar and fell at 90.25 at 12:15 pm. Amit Pabari, Managing Director, CR Forex Advisors, said USD/INR is expected to trade between 88.90 and 90.20.
88.80-89.00 band is acting as a strong support zone. A clean break below 89 would be the first real sign that the rupee is finally ready to make a comeback and gain strength. Currency experts said that despite the weakening of the dollar index, there has been a big fall in the rupee due to the interruption in India-US trade talks and profit-booking by foreign investors.