Reliance Industries Limited (RIL) today pipped Tata Consultancy Services to become India's most valued company in terms of market capitalisation. At the end of trade on BSE today, RIL commanded a market capitalisation of Rs 7,82,636.38 crore, while India's largest IT firm by revenue TCS slipped to the second spot with a market capitalisation of Rs 7,69,696.75 crore.
Shares of RIL today opened at Rs 1,206.50, then gained further ground and touched its 52 week high level of Rs 1,238.05, up 2.87 percent over its previous closing price.
At the end of today's trade, the shares of the company were trading at Rs 1,234.90, up 2.61 percent.
Over the last few days RIL and TCS are competing with each other to claim the number one position in terms of market capitalisation.
TCS on August 16 had pipped RIL to become the country's most valued firm by market valuation, while on August 14 RIL had dethroned TCS. Before that on August 8, RIL had surpassed the IT major, while on August 1 TCS was the most valued firm.
In April this year, IT bellwether TCS had made history by becoming the first $100 billion IT company. RIL was the first to reach the $100 billion market cap way back in 2007.
On July 20, RIL's market value surged past Rs 7 lakh crore making it the second company after TCS to achieve the milestone. The m-cap figure of companies changes daily with stock price movement.
The top 10 companies in terms of market cap include RIL at the number one position, followed by TCS, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Maruti Suzuki, and Kotak Mahindra Bank.“Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”