As per report India’s largest conglomerate, Oil to telecom major Reliance Industries overtook IT major Tata Consultancy Services (TCS) on Tuesday to become India’s most valued firm in terms of market capitalization. Meanwhile this also comes less than a month after RIL breached the $100 billion market capitalization mark after a decade. Furthermore according to the Bombay Stock Exchange (BSE) website, RIL’s market capitalization currently stands at around Rs 7.56 trillion, while TCS’ market cap is at $7.54 trillion.
Moreover RIL surpassed TCS after its stock rose around 3% on the BSE on Tuesday to a record high of Rs 1,185.85. The shares of Reliance are currently trading at Rs 1,194.35. Reports added market capitalization is the total value of the company based on its current share price and the total number of outstanding stocks. Further the surge in its stock price came after Reliance reported it’s highest-ever profit for the quarter in Q1 of FY19, which was driven by performance of its petrochemicals and consumer businesses.
Hence RIL reported its
numbers last week registering a quarterly net profit of Rs 9,459 crore for Q1,
which is 17.9% higher than Rs 8,021 crore registered in Q1 last year. Moreover
revenue grew 56.5% to Rs 1.4 trillion as against Rs 90,537 crore in the
corresponding previous quarter. Accordingly its newest business, Reliance Jio,
reported 19.9% increase in profit at Rs 612 crore, while clocking revenue of Rs
8,109 crore.
