Shares of IT bellwether TCS hit a record high on Friday and was on the cusp of becoming the country's first listed company in the Indian history to enjoy a market capitalisation (m-cap) of $100 billion.

This is roughly 2.5 times bigger than its nearest competitor Infosys, whose market value stood at $38 billion at the time of writing this report.

On Friday, the stock climbed as much as 6.55 per cent to hit a lifetime high of Rs 3,399.90 apiece after the company posted 5.71 per cent quarter-on-quarter and 4.48 per cent year-on-year rise in consolidated net profit at Rs 6,904 crore for the March quarter.

The surge in TCS shares meant the stock added over Rs 40,000 crore to its m-cap, which stood at Rs 6,46,273.06 crore in the late morning deals.

At rupee-dollar exchange range of 66, this translates roughly to $98 billion.

With this TCS now enjoys a valuation premium of 30 per cent over Infosys, analysts said, adding that it may continue to enjoy the premium.

On Thursday, the Tata Group firm reported a 4 per cent jump QoQ (7.93 per cent YoY) in total income to Rs 33,069 crore in Q4FY18.