Reliance Industries Ltd has overtaken Tata Consultancy Services Ltd in market capitalisation to reclaim the country’s most valuable company tag.
The flagship company of billionaire Mukesh Ambani is currently valued at Rs 7.44 lakh crore, higher than the Rs 7.39 lakh crore market cap of the India’s largest software exporter.
The oil-to-telecom company reported its highest-ever quarterly profit in the April-June period, driven by its petrochemicals and consumer businesses.
Moreover, the company said it expects consumption growth for middle distillates like diesel and jet fuel to remain strong on the back of pick up in industrial demand and change in IMO fuel specifications.
“The transition in profitability to a new norm was well evident in the earnings – most businesses showed good step-ups in margins,” international research firm Morgan Stanley said in a report.
RIL had reclaimed $100 billion in market capitalisation earlier this month, crossing the milestone for the first time in a decade.
Shares of the company rose as much as 2.7 percent in intra-day trade to hit a new all-time high at Rs 1,182.90. The stock has returned 27.7 percent so far this year, compared to a 7.4 percent advance in the country's benchmark – NSE Nifty 50 Index.
(This story was originally published on BloombergQuint.)
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