Reliance Industries Limited Overtakes TCS to Become the Most Valued Indian Company in Terms of M-Cap
TCS also on 10 July reported a 24 percent profit rise, the fastest pace in two years, to Rs 7,340 crore due to robust growth in banking, financial services and insurance.
Mumbai, July 31: Reliance Industries Ltd (RIL) has surpassed TCS to become the country’s most valued firm in terms of market capitalisation—a first since April. According to a BSE data, RIL rose 2.6 percent intraday to hit a fresh record high of Rs 1,179.90 and touched the market-cap of Rs 7.41 lakh crore. TCS, on the other hand, was valued at Rs 7.39 lakh crore.
The Reliance shares have increased on the back of highest ever profit reported for the June quarter. The standalone net profit increased 18 percent to Rs 9,459 crore. According to a Moneycontrol report, RIL rallied nearly 28 percent, so far, in 2018 as Jio, petrochemical and retail businesses have been adding more profits.
TCS also on 10 July reported a 24 percent profit rise, the fastest pace in two years, to Rs 7,340 crore due to robust growth in banking, financial services and insurance and the North American operations.
(The above story first appeared on LatestLY on Jul 31, 2018 04:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).