DNA Money Edit: TCS magic stuns critics of India's IT

Tata Group chairman N Chandrasekaran's message on Monday sums up the mood at Bombay House, the headquarters of the eponymous group. "It's a special moment, a moment we have been waiting for." Tata Consultancy Services (TCS) entered the list of top 100 companies in the world after it became the first Indian $100 billion-dollar IT company in market capitalisation as the stock hit a new high on Monday in intra-day trade.

The dramatic rise of TCS has silenced naysayers who wrote an obituary of India's IT sector, which had been struggling to cope with new technological innovations in artificial intelligence, machine learning, big data and Internet of Things, among others. The Rajesh Gopinathan-led company came out with flying colours in its fourth-quarter results released last week, with a 4.48% year-on-year rise in consolidated net profit at Rs 6,904 crore and 8.2% rise in consolidated net sales to Rs 32,075 crore. As the March quarter earnings beat market expectations by a large margin, leading brokerages have raised their target price for the company's stock.

Chandrasekaran, who scripted the tech giant's trek to the peak, now has a job at hand: to take other group companies such as Tata Steel and Tata Motors to their respective pinnacles.