Reliance Industries Ltd (RIL) today regained its status as the country’s most valued firm with a market capitalisation of Rs 2.82 lakh crore as its shares rose nearly 4 per cent, dethroning IT major TCS whose scrips declined over 5 per cent.
With share prices of Reliance Industries gaining 3.89 per cent to Rs 873.65, the company’s market value soared to Rs 2,82,672 crore. In a tale of contrasting fortunes, Tata Consultancy Services’ market value stood at Rs 2,62,443 crore at the end of day as its shares slipped by 5.03 per cent to Rs 1,340.90 on the BSE.
On August 1, RIL had toppled the state-run oil company ONGC to become the country’s most valued firm. On August 23, however, Reliance Industries lost its position of the country’s most valued company to TCS.
Today, ONGC with a market cap of Rs 2,40,195 crore was in the third place, followed by Coal India (Rs 2,36,547 crore), and ITC (Rs 1,98,782 crore).
In 2006, RIL had toppled ONGC to emerge as the country’s most valued firm and managed to stay on the top since then, except for a few brief periods in the last few months.
In last few months, there had been frequent changes in the top slot amid volatile market conditions.
With the rise in RIL’s share price, the company also regained its position as the most influential stock on the Sensex, pushing FMCG major ITC to second place.
At close of trade, RIL commanded 9.88 per cent weight, while ITC had 8.84 per cent weight in the Sensex.