Business / TCS once again becomes India's most valued firm; pushes Reliance Industries to second spot

ABP News : May 11, 2019, 10:52 AM
India’s IT conglomerate Tata Consultancy Services (TCS) has once again left behind Mukesh Ambani’s Reliance Industries to become the country’s most valued firm in terms of market capitalisation (market-cap). After the development, RIL has slipped to the second spot. By the end of Thursday, TCS commands a market-cap of Rs 8.13 lakh crore, while Reliance Industries market value stood at Rs 7.95 lakh crore. RIL shares have been on a downhill, falling for the fourth day in a row on Thursday. In four days, the shares have plunged 10.79 per cent to Rs 1,255.15 on the BSE. Even on Thursday, the shares fell 3.41 per cent to close at Rs 1,255.15.

Following the plunge in its share price, RIL's market valuation dropped to Rs 7,95,628.55 crore on the BSE. In four days, its market capitalisation (m-cap) has plunged by Rs 96,256.45 crore. RIL was the worst hit among the front-line scrips on both the key indices on Thursday.

“Reliance Industries is leading the massive fall in Nifty. It fell down for the fourth consecutive day after touching lifetime highs of Rs 1,417,” news agency PTI quoted Samco Securities Head of Research Umesh Mehta as saying.

At the close of trade, m-cap of TCS stood at Rs 8,13,779.67 crore, which is Rs 18,151.12 crore more than that of RIL's valuation. The scrip of TCS closed at Rs 2,168.70, up 0.75 per cent on the BSE. RIL and TCS have in the past also competed with each other for the number one position in terms of market capitalisation.

TCS is the country's most valued firm followed by RIL, HDFC Bank (Rs 6,24,362.11 crore), Hindustan Unilever (Rs 3,67,880.69 crore) and ITC (Rs 3,67,513.78 crore). The m-cap figure of companies changes daily with stock price movement.

In the latest quarter, TCS, reported a growth of 17.7% in consolidated net profit to Rs 8,126 crore for the March-19 quarter as against Rs 6,904 crore in the year-ago period. Company's revenues registered a 18.5% on-year growth to Rs 38,010 crore from Rs 32,075 crore in the same period last year, TCS said in a BSE filing. The firm also announced per share final dividend of Rs 18.