Reliance Industries Overthrows TCS to Become India’s Most Valued Company

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Reliance Industries standalone profit in the first quarter of the current fiscal year showed a surge of 18 per cent to Rs 9,459 crore

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Mukesh Ambani-led Reliance Industries has surpassed India’s largest IT firm Tata Consultancy Services (TCS) on Tuesday to become the country’s most valued firm in terms of capitalisation – a feat it has achieved for the first time since April.

Data of Reliance Industries reached a cap of Rs 7.51 trillion

On Tuesday, data of Reliance Industries Ltd (RIL) on Bombay Stock Exchange (BSE) showed that the conglomerate’s shares rose 3.1 per cent to a record high of Rs 1,185.85 while TCS had a share rise of 0.19 per cent and closed at Rs 1,941.25 per share. The IT firm market cap valued at Rs 7.43 trillion.

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This news comes after RIL’s first quarter results showed that its standalone net profit hiked 18 per cent to Rs 9,459 crore. On the other hand, TCS reportedly recorded first quarter revenues of more than US$ 5 billion for the first time.

Reliance’s results in Q1 have happened due to its petrochemical and refining achievements that reported a 35 per cent year-on-year (YoY) jump in volumes along with the firm’s expanded capacity. Revenue at the energy-to-telecom conglomerate saw a surge by 56.6 per cent to Rs 1.4 trillion against Rs 90,537 crore in the same quarter in the last fiscal year of 2017-18. RIL’s telecom arm – Reliance Jio recorded a profit of Rs 612 crore for the June quarter – a 19.9 per cent hike on a sequential basis besides revenue of Rs 8.109 crore from the company’s operations, Reliance stated.

RIL shares have crossed the market value by a big margin in the last couple of months on expectations of a regulatory boost for its refining business and boost of revenue from its telecom and mobile wing – Reliance Jio.

“Reliance Jio continued to show strong subscriber momentum, in line with our expectation. However, flattish sequential ARPU despite cash back offers and changes to prime membership are surprises. Focus remains on onboarding more subscribers and driving engagement; price increase appears less of a focus for now,” said Morgan Stanley in a note to its investors.

TCS showed 24 per cent profit rise on July 10

IT firm TCS achieved its own feat after it recorded a 24 per cent profit rise – the fastest pace in two years, to Rs 7,340 crore due to powerful growth in financial services and insurance, banking and the North American operations. As a result, the company’s revenue saw a rise of 16 per cent to Rs 34,261 crore.

In a July 12 note, Indsec Securities said: “TCS had a strong quarter witnessing a healthy growth on back of turnaround in the BFSI segment of the North American market and the management expects the growth to sustain in the coming quarters… TCS is on track to achieve its targeted double-digit growth in FY19. Yet, we believe that at current valuations, the stock is fairly priced from a short to medium-term perspective.”

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