TCS pips RIL to emerge India's most valued firm

Tata Consultancy Services (TCS) has overtaken Reliance Industries to emerge the country's most valued company in terms of market capitalisation, as investors lapped up shares of the IT major.

Tata Consultancy Services had a market capitalisation of Rs2,48,116 crore at the close of trade on the Mumbai market against Reliance Industries' market cap of Rs2,43,413 crore.

TCS shares rallied by 1.83 per cent on robust buying interest while RIL shares fell 0.25 per cent in a lacklustre market.

TCS stock has been steadily gaining value over the last few trading sessions while RIL continued to lose its market capitalization.

TCS now has a lead of Rs4,703 crore in terms of market value over RIL.

RIL, which emerged India's most valued company, toppling ONGC in 2006, has by and large managed to stay on the top ever since.

However, it lost that position to Coal India Ltd (CIL) briefly, in August 2011, and was briefly overtaken by ONGC thereafter.

Later, TCS pipped RIL to become the largest company by market value on the last day of trading in 2011. However, RIL soon regained its top position, but only to be overtaken by TCS again today.