New Delhi, October 28 Country’s top four IT corporations — TCS, Infosys, Wipro and HCL Technologies — have seen their combined money chest swell to a whopping $9 billion (Rs. 56,000 crore) as their businesses still generate profitable growth despite turbulent macroeconomic scenario.
This marks a rise of concerning $1 billion since the start of current fiscal in the four companies’ cumulative money position, which includes money, cash equivalents, bank deposits and disposable financial investments.
The combined money position of those corporations stood at about $8 billion at the beginning of 2013-14 financial year.
Individually, Tata group’s IT arm, N Chandrasekaran-led TCS (Tata consultancy Services) reported total money and money equivalents of $1.22 billion as on Sep 30, 2013.
Its nearest rival, N R N Murthy-led Infosys also saw its money balance stand at $4.31 billion at the end of Sep 30, 2013. considerably, Infosys accounts for nearly half the total $9 billion money chest of the four IT giants.
Azim Premji-led Wipro, that continued to post slowest sequential growth in revenues in the quarter ended Sep 30 among the four corporations, reportable a money chest of $2.5 billion.
HCL Technologies, the country’s fourth largest IT firm, ended Sep quarter with money and money equivalents, (including deposits) of $979 million.
Amid expectations that the growing money position of these corporations would be deployed into purposes aimed at generating further shareowner wealth, all the four corporations have seen robust rallies in their various share costs.
TCS, that commands nearly Rs. 4 100000 crore value, has seen its stock rise from Rs. 1,500 levels to over Rs. 2,000 vary so far in the current commercial enterprise.
Infosys, that has seen a kind of exodus of senior executives in recent months, has also performed powerfully in the stock market since Murthy’s come and the shares have up from Rs. 2,900 level to above Rs. 3,400 now.
Wipro’s share value has surged from Rs. 440 level to about Rs. 480 at present; whereas HCL Technologies saw its shares soar from Rs. 800 range to Rs. 1,100 now.