Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Tuesday pipped the information technology (IT) giant Tata Consultancy Services (TCS) to become the country’s most valued firm by market capitalisation. As per Tuesday’s close, Reliance Industries’ market capitalisation was recorded at Rs 7,37,576.57 crore on the Bombay Stock Exchange (BSE), up Rs 1,471.26 crore from that of Tata Consultancy’s market capitalisation of 7,36,105.31 crore on Tuesday, data available with the stock exchanged showed.
After surpassing TCS on Tuesday, shares of RIL continued the strong rally on Wednesday as well and were trading at Rs 1172.20 a piece, up 0.83% in the early morning trade, after touching an intraday of Rs 1180.95, ahead of the company’s second quarter financial results to be announced later in the day.
Shares of RIL closed on Tuesday at Rs 1,163, up 2.09% from their previous close on BSE, while TCS’ stocks ended the day 0.64% higher at Rs 1,961 a share. RIL shares have been broadly rising since late-June 2018 and have emerged as one of the biggest gainers among all the blue-chip components of BSE Sensex index.
While RIL and TCS are the first and second most valued companies by market capital, HDFC Bank is on the third position with Rs 5,41,370.18 crore, ITC on fourth with Rs 3,45,918.24 crore and Hindustan Unilever on the fifth position on the list with Rs 3,34,297.56 crore, as on Tuesday’s closing price.
Reliance Industries’ Rise So far
The oil-to-textile-to-telecom conglomerate Reliance Industries became India’s first Rs 8 lakh crore company in August, after hitting a fresh 52-week high. Interestingly, for the first time in the last 10 years, RIL had also crossed the USD 100-billion market capitalisation mark. The firm had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November-17.
The calendar year 2017 was stupendous for the company as in the year alone RIL added more than Rs 2 lakh crore to its market capitalisation. On February 27th last year, RIL crossed the 4 lakh crore market capitalisation. Noting the rise of the company Mukesh Ambani said that the company started with just Rs 1,000 and a single employee.
Reliance Industries was founded in 1966 with one just employee and with a meagre capital of only Rs 1000. “Even then, his (Dhirubhai Ambani) dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime,” Mukesh Ambani had said at Financial Times ArcelorMittal Boldness in Business Awards in March 2018.