Tata Consultancy Services, India's most valued company, created history on Monday when its market cap surpassed the sentimental $100-billion mark in the first hour of trade. In doing so, TCS also beat US-listed rival Accenture's market capitalisation of $98 billion. The market cap of the largest company in the Tata group is now 52 percent higher than all the other IT index companies put together.

The TCS stock was up 2.7 percent at Rs. 3504 at 1230 IST.

TCS became a $25-billion company in 2010 and hasn’t looked back since. It crossed the $50-billion mark in 2013 and then the $75-billion figure a year later.

The company’s above-consensus March quarter results, declared Thursday, helped the company cross the milestone in today’s session. Consolidated profit grew 5.7 per sequentially to Rs. 6,904 crores and revenues rose 3.8 percent to Rs. 32,075 crores. Besides strong revenue growth, a 13.7 percent higher other income boosted profitability.

The sharp depreciation in the rupee also boosted sentiment for the top IT stock today. The rupee breached 66 against the dollar, falling 25 paise to hit a 13-month low of 66.05 a dollar.

Most brokerage houses have raised the target price on the stock post its earnings but maintained their ratings as the stock has already rallied more than 50 percent in the last one year.

Brokerage: CLSA | Rating - Reiterate Buy | Target - Raised to Rs 3,700 from Rs 3,250

While reiterating its Buy rating on TCS and raising target price to Rs 3,700 per share (from Rs 3,250 earlier), global brokerage house CLSA said Q4 revenue beat estimates sharply, hence it upgraded FY19-20 revenue & EPS estimates by 1 percent.

It expects the company to maintain payout ratios and expects a buyback/dividend to compensate for a lower payout in FY18.

Brokerage: Prabhudas Lilladher | Rating - Accumulate | Target: Rs 3,380

Prabhudas Lilladher said TCS is currently trading at par with Accenture on the valuation front (versus 18 percent discount to Accenture trades three months ago). The uptick in revenue trajectory leads to re-rate multiples.

We value TCS at 21x FY20E EPS (versus 17.5x FY20E earlier) which yields a target price of Rs 3,380 per share. This represents a 20 percent upgrade in target price. It retained Accumulate rating.

Brokerage: Jefferies | Rating - Maintain Hold | Target - Raised to Rs 3,200

Jefferies also retained its Hold rating on the stock as it feels most of the improved outlook already priced into the stock price, but upped target price to Rs 3,200 (from Rs 2,500 earlier) as Q4 revenue was ahead of expectations in dollar terms.

"We build in 8.5-10 percent constant currency revenue growth over FY19-21 against 6.7 percent reported in FY18 and also build in flattish margin over FY18-21 as we expect continued pricing pressure," the research house said.

Brokerage: Kotak Securities | Rating - Maintain reduce | Target - Raised to Rs 3,100

Kotak Securities, however, maintained its Reduce rating on the stock but raised target price to Rs 3,100 (from Rs 2,700) as it expects a better FY19 & forecast constant currency revenue growth of 9.2 percent.

"Justifying current valuation requires baking in USD 2.1 billion of incremental revenue in FY19 and justifying current valuation requires 11 percent CAGR over the next 7 years," it said.

(Note: Rupee reference rate taken as $66/dollar)