Reliance Industries is back again as the country’s most valued company in terms of market capitalisation, relegating the country's largest information technology provider Tata Consultancy Services (TCS) after the stock hit a fresh high on bourses.
Reliance shares rallied 2.6 per cent intraday to hit a fresh high of Rs1,179.90, taking the company’s market cap to Rs7,41,000 crore, against to TCS' Rs7,39,000 crore.
Mukesh Ambani-led Reliance Industries has been boosted by the highest-ever profit reported in the April-June 2018-19 quarter. RIL shares have been consistently trading higher for third consecutive session and have gained nearly 6 per cent.
The stock has rallied nearly 28 per cent, so far in 2018, on the back of across-the-board gains in its telecom venture Reliance Jio Infocomm, petrochemical and retail businesses.
The company has posted first quarter consolidated profit at Rs9,485 crore, which grew 0.3 per cent compared to Rs9,459 crore in the previous quarter. The year-on-year bottomline growth was 4.5 per cent.
Consolidated revenue during the quarter increased 10.1 per cent sequentially (up 42 per cent YoY) to Rs1,29,000 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 11.9 per cent to Rs20,661 crore while margin expanded by 20 basis points sequentially to 16 per cent.
Jio also continued its profitable growth with 20 per cent sequential increase in quarterly net profit to Rs612 crore. Its profit for the March quarter stood at Rs510 crore.
At 12:55 hours IST, the stock price was quoting at Rs 1,179.75, up Rs 30.05, or 2.61 percent on the BSE.