New Delhi: The tussle between Reliance Industries Ltd (RIL) and state owned Oil and Natural Gas Corporation Ltd (ONGC) for the top most position as the country’s most valued firm in terms of market capitalisation continues.
The Mukesh Ambani group flagship company on Friday toppled ONGC as the most valued firm on the back of robust quarterly earnings.
After beating all expectations with net profit at Rs 2,799 crore for the December quarter of current fiscal, RIL moved to the top position with a market capitalisation of Rs 1.92 lakh crore ahead of the PSU major's Rs 1.91 lakh crore.
RIL on Friday gained Rs 13.25 to close at Rs 1,380.25 on the Bombay Stock Exchange, while ONGC plunged by Rs 21 or 2.30 per cent to end at Rs 895.75.
Telecom major Bharti Airtel, with a market cap of Rs 1.29 lakh crore, has beaten IT major Tata Consultancy Services and Infosys to grab the position of the third most valuable firm in terms of market capitalisation.
TCS follows Bharti Airtel for the fourth position with a market cap of Rs 1.26 lakh crore and Infosys at fifth rank at Rs 1.22 lakh crore.
While with a market cap of Rs 1.13 lakh crore, another PSU major NTPC has fallen to the sixth position, closely a close seventh Reliance Communications at Rs 91,302 crore.
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