Mumbai, (IANS) Shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose over 7 per cent to touch a new high of Rs 3,419.80 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

With this, the IT major emerges as the first Indian company with a market capitalisation of close to $100 billion.

On closing (at 3.30 p.m.), the m-cap of the company stood at Rs 6,53,154.93 crore or some $98.18 billion on the BSE.

Shares of the company closed higher by 6.94 per cent at Rs 3,412 per scrip.

"In terms of market capitalisation, TCS has the largest m-cap and is ahead of companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. At the closing price of April 20, TCS' m-cap is at approximately Rs 651,000 crore, which is 153 per cent higher than that of Infosys," Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

"IT stocks have benefited today out of selling pressure in banking space and encouraging numbers of some large and mid-cap IT stocks. TCS has also declared bonus shares to its investors," he added.

The IT major's shares surged a day after its quarterly results announcement which reported a net profit for Q4 at Rs 6,925 crore -- up 4.6 per cent -- from Rs 6,622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

The company on Thursday also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

"The Board of Directors recommend 1:1 bonus share issue to the shareholders," it said in a regulatory filing on the BSE.