TCS pips RIL to emerge India's most valued firm
30 December 2011
Tata Consultancy Services (TCS), India's top information technology firm, has also emerged the country's most valued firm, although for a brief trading period. The Tata Group firm today topped market capitalisation with a value of Rs2,28,153 crore against Reliance Industries' market cap of Rs2,27,083 crore in afternoon trading on the Bombay Stock Exchange (BSE).
Mukesh Ambani-led corporate giant RIL lost its position as the country's most valued company this afternoon with its shares falling sharply in a weak market.
In afternoon trading on the Bombay Stock Exchange (BSE), Reliance Industries' market value fell to Rs2,27,083 crore while Tata Consultancy Services commanded a market value of Rs2,28,153 crore.
RIL shares were down 2.72 per cent to Rs693.50 while TCS was trading with a modest gain of 0.03 per cent at Rs1,165.70. Towards the close of trading, at 4 pm, the TCS stock was seen trading lower at Rs1,161.25 and RIL further down at Rs692.90.
RIL had, earlier this month, surrendered its position as the most influential stock with another IT firm, Infosys, gaining more weight on the BSE sensitive index, the Sensex.
RIL had, on 17 August, briefly lost its position as the country's most valued company to Coal India and had since slipped to third spot, also briefly, on the market after state-owned oil and gas explorer emerging as the most valuable company in the country.
RIL had since regained its top slot on 23 August while CIL had slipped to third position. ONGC, however, rose to the top again on 26 August, pushing RIL to second position. RIL regained the position on 29 August, and had remained there since then.
ONGC is currently ranked third with a market cap of Rs2,19,362 crore, while CIL is fourth with a market cap of Rs1,90,659 crore.