Reliance surpasses TCS to become the largest company in Market Cap

Mangalore Today News Network

New Delhi, Jul 31, 2018 : Reliance Industries surpassed Tata Consultancy Services (TCS) on Tuesday to become the largest company in Market Capitalisation.

 

Led by the gain in the stock, the company’s market valuation soared to Rs 7,39,317.01 crore, as per data available in BSE at 12.41 pm. Shares of the company jumped1.84 percent at Rs  1,170.80.

Shares of the company has witnessed robust gains after the company reported its highest ever quarterly net profit. Consolidated net profit of Rs 9,459 crore, or Rs 16 per share, in April-June, was 17.9 per cent higher than Rs 8,021 crore, or Rs 13.5 a share, in the same period of the previous fiscal, the oil-to-telecom conglomerate said in a statement last Friday. Revenue was up by 56.5 per cent at Rs 141,699 crore.

On July 13, the market valuation of RIL surged past Rs 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.

IT bellwether Tata Consultancy Services’ market valuation had in May surged past Rs 7 lakh crore.


courtesy:Zeenews