India's biggest conglomerate Reliance Industries Ltd (RIL) on Tuesday retained the tag of the country's most valued company in terms of market capitalization. RIL pips India’s biggest software services firm Tata Consultancy Services Ltd (TCS) to regain that status. Data showed that the market-cap of the Mukesh Ambani owned company on the BSE stood at around Rs 7.47 lakh crore, against the Rs 7.39 lakh crore worth of market-cap of IT bellwether. According to analysts, the healthy results for the June-ended quarter resulted in the rise in market-cap of the Reliance Industries.
The share price of RIL jumped 2.32 per cent from its previous close to reach at Rs 1,176.35, higher by 26.65 points. However, the share of TCS on BSE is trading 0.72 per cent lower at Rs 1,931 apiece. This has also resulted in the rise of USD 1.6 billion in Ambani's net worth. His total net worth is now USD 45.9 billion.
Earlier, the oil-to-telecom conglomerate reported a 4.47 per cent rise in net profit at Rs 9,459 crore for the first quarter of 2018-19 on the back of robust growth in its petrochemical business.