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MUMBAI: Outsourcing giant Tata Consultancy Services ( TCS ) crossed the Rs 5 lakh crore mark in market capitalization on Wednesday, becoming the second most valuable IT services company in the world ahead of Ireland's Accenture but behind US's IBM.TCS's market valuation rose to Rs 5,03,148 crore (about $84 billion), the highest since its listing l0 years ago, sprinting miles ahead of Accenture's $51 billion, but way behind the leader IBM's $193.7 billion.TCS's record market cap, the first Indian company to achieve the feat, is bigger than the combined market cap of the other four domestic IT players in the pecking order like Infosys ($31.7 billion), Wipro ($23.3 billion), HCL Technologies ($17.9 billion) and Tech Mahindra ($8.5 billion).The software services firm's market cap is also bigger than the combined market cap of the other 31-listed Tata group companies' $57.2 billion. TCS is followed by ONGC ($57.63 billion), Reliance Industries ($55.53 billion) and ITC ($46.62 billion) in the rankings.Shares of TCS have risen nearly 9% since the company announced robust first quarter FY 2015 earnings last week __$845 million of net profits on $3.69 billion of revenue. Several "buy" ratings followed from analysts, who expect an eventful FY15 for TCS as its global customers up spending on IT services. The $13-billion TCS, established in 1948 and which counts Cisco and Hewlett-Packard among its clients, won seven large deals in Q1 FY15. Several brokerages have raised their target price for the stock up to Rs 3,100, 20% higher than its Wednesday's closing price of Rs 2,587.Analysts attribute TCS' superior market valuation to its outstanding financial performance, outpacing peers in the sector. TCS, which gets more than three-quarters of its revenues from US, is one of the most expensive IT services stocks in the world, with its market cap more than six times its revenues and 28 times its net profits in FY14. A higher market cap would help in attracting top-notch investors and boost TCS' global profile, with its brand value rising three fold to $8.2 billion in FY14.