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Tata Consultancy Services Ltd's market capitalisation surged past 11 trillion on Monday, making it the second Indian firm after Reliance Industries Ltd to achieve this milestone.

Shares of TCS jumped nearly 1.2% intraday to hit an all-time high of 2942 a piece on the BSE with a market capitalisation of 11.03 trillion. So far, this year, the scrip has surged 36%.

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Mukesh Ambani-led Reliance Industries Ltd remains India's most valued company with an mcap of 12.75 trillion.

Of the 47 brokerages tracking TCS, 26 have recommend buy, 14 have maintained sell, while 7 have put hold rating on the stock, according to Bloomberg.

The firm will announce its earnings on 8 January.

The recent surge in TCS stock has been led by a rally in IT firms after Infosys and Wipro recently won multi-million dollar deals with German firms.

Pent-up demand from covid-19, returning in the form of large IT outsourcing contracts, and underlying business transformation are key strengths TCS, analysts said.

Last month, TCS shareholders had approved a proposal by the company to buy back up to 53.33 million equity shares at 3,000 a share for an aggregate amount not exceeding 16,000 crore. The buyback started on 18 December and will close on 1 January.

"Digitalization at scale and COVID-19’s acceleration of Work From Anywhere has boosted technology demand across industry verticals and geographies. Moreover, we note that IT outsourcing has seen strong pick-ups (lasting at least two years) after previous crises (such as Y2K and the GFC). These factors support our forecast of a third wave of IT outsourcing in FY21-23E," said Goldman Sachs in a note to its investors

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