RIL becomes India's most valued firm again; surpasses TCS in market cap

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Reliance Industries on Tuesday regained the status of the country's most valued firm in terms of market valuation, surging past information technology (IT) giant Tata Consultancy Services (TCS) in intra-day trade.

At 01:02 PM; RIL market capitalisation (m-cap) stood at Rs 7.48 trillion, more than TCS' of Rs 7.40-trillion valuation, as per BSE data.

Earlier on April 11, 2018, RIL had m-cap of Rs 5.89 trillion and TCS of Rs 5.77 trillion on closing level basis.

Thus far in the month of July, RIL has rallied 21%, while TCS up 4.5% on the BSE. On comparison, the S&P BSE Sensex was up 6%.

RIL hit a new high of Rs 1,181, up 2.8%, extending its 4% gain in past two trading days, after the company reported 17.9% year on year (yoy) growth in consolidated net profit at Rs 94.59 billion in June quarter (Q1FY19). During the June quarter, its consolidated revenue grew 41% yoy at Rs 993 billion.

The company’s consumer businesses accounted for nearly 21% of consolidated segment EBITDA. Retail business revenues have more than doubled and EBITDA has trebled on a yoy basis. Jio added a record number of subscribers, highlighting the compelling technology and value proposition that Jio offers vis-à-vis other networks. Read complete article

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