Reliance Industries briefly topples TCS as India's most valued firm

Mumbai: Reliance Industries today briefly toppled TCS as the country’s most valued firm – a position the Mukesh Ambani-led firm had held for many years before ceding it to Tatas’ crown jewel more than four years ago. [caption id=“attachment_2508678” align=“alignleft” width=“380”]  Reuters[/caption] RIL saw its market capitalisation (m-cap) soaring to a record high of about Rs 4.58 lakh crore in morning trade at around 1015 hours, exceeding TCS’s Rs 4.56 lakh crore valuation at that time. Shares of RIL rose by over 1 percent to a multi-year high of Rs 1,410 on BSE. The scrip of TCS gained 0.77 percent to Rs 2,338.95. However, RIL’s valuation later came down to Rs 4.52 lakh crore, which was Rs 4,508.4 crore less than that of TCS Rs 4.57 lakh crore m-cap at 1330 hrs. With this, TCS reclaimed the status of the country’s most valued firm followed by RIL, HDFC Bank, ITC and SBI in the top-five bunch. Shares of RIL have surged nearly 29 percent so far this year, while TCS has lost nearly 2 percent during the same period. TCS will announce its quarterly earnings today and RIL on Monday. (Disclosure: Firstpost is part of Network18, owned by Reliance Industries Limited.)