Reliance Industries Surpasses TCS To Become Most Valuable Indian Company
Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in market capitalisation (market-cap) in India. At 1.08 pm, the market-cap of Reliance Industries on the BSE stood at around Rs 7.47 lakh crore, against the Rs 7.39 lakh crore worth of market-cap of Tata Consultancy Services. The rise in market-cap of the RIL came on the back of healthy results for the June-ended quarter, analysts said.Â
The company on Friday reported a 4.47 per cent rise in net profit at Rs 9,459 crore for the first quarter of 2018-19 on the back of robust growth in its petrochemical business backed by higher realisation in refining. The telecom arm of RIL, Reliance Jio Infocomm, which offers telecom services under brand Jio, also posted a standalone profit of Rs. 612 crore for the April-June period.Â
Earlier this month, TCS reported a record net profit of Rs. 7,340 crore in the April-June quarter, beating analysts' estimates. Its net profit grew about 24 per cent on a year-on-year basis helped by strong growth in its banking, financial services and insurance divisions (BFSI).
The share price of RIL on BSE stood at Rs 1,176.35, higher by 26.65 points 2.32 per cent from its previous close.
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