Tata Consultancy Services (TCS) on Friday became the first company to close the trading session with a market valuation of over Rs 7 lakh crore on a day when its board approved a share buyback of up to Rs 16,000 crore.

Shares of the company jumped 2.75% to close at Rs 1,841.45 on the BSE. During the day, it surged 3.16% to Rs 1,849.

At NSE, the scrip closed at Rs 1,840, up 2.93%.

Led by the gain in the stock, the company's market valuation soared Rs 18,836.98 crore to Rs 7,05,012.98 crore ($103 billion) at close of trade.

On the equity volume front, 7.66 lakh shares of the company were traded on the BSE and over 91 lakh shares changed hands at NSE during the day.

Last month on May 25, the IT bellwether's market valuation had briefly crossed the Rs 7-lakh crore mark.

"...Board of Directors of the company at its meeting held today ... has approved a proposal to buy back up to 7.61 crore equity shares...of the company for an aggregate amount not exceeding Rs 16,000 crore...," TCS said in a regulatory filing.

TCS market valuation had earlier this year went past the Rs 6 lakh crore level, making it the second company to achieve the milestone after Reliance Industries.

The Mumbai-headquartered TCS had in April became the first Indian company to close the trading session with over $100 billion market valuation.

TCS is the country's most valued firm followed by Reliance Industries Ltd with a m-cap of Rs 6,42,363.07 crore, HDFC Bank (Rs 5,28,652.06 crore), HUL (Rs 3,50,929 crore) and ITC (Rs 3,22,803.60 crore) in the top five list.