The market capitalization of IT companies in the Nifty 50 index surpassed the entire GDP of Pakistan by $18 billion. IMF data shows Pakistan's GDP at $338.24 billion (around ₹28.27 lakh crore). The market capitalization of the IT companies stood at $356.21 billion (around ₹29.77 lakh crore).
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The top contributor among the IT companies is TCS, the second largest company in India with a market cap of ₹13.92 lakh crore ($166.5 billion). Other contributors include Infosys with ₹6.40 lakh crore (around $76.54 billion), HCLTech with ₹3.96 lakh crore ($47.36 billion), Wipro with ₹2.59 lakh crore (around $30.98 billion), LTIMindtree with ₹1.51 lakh crore (around $18.06 billion) and Tech Mahindra with ₹1.37 lakh crore (around $16.38 billion).
IT companies have rallied on Friday on hopes of recovery in the sector after IT services major Accenture announced its May quarter results. Accenture’s new bookings rose by 22% from the previous year to $21.1 billion (₹1.74 lakh crore) in which with generative AI contributing $900 million (₹7,470 crore).
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