RIL topples ONGC as Indias most valued firm

Mumbai, Jan 19 | Updated: Jan 20 2007, 05:57am hrs
On the back of robust quarterly earnings, corporate behemoth Reliance Industries has toppled Oil and Natural Gas Corporation as the most valued firm in the country.

Reliance Industries moved to the top position with a market capitalisation of Rs 1.92 lakh crore ahead of the public sector undertaking (PSU) majors Rs 1.91 lakh crore.

Reliance Industries has beaten all street expectations with net profit at Rs 2,799 crore for the December quarter of current fiscal.

The Mukesh Ambani group flagship company gained Rs 13.25 to close at Rs 1,380.25 today on the Bombay Stock Exchange, while ONGC plunged by Rs 21 or 2.30% to end at Rs 895.75.

Telecom major Bharti Airtel has grabbed the position of the third most valuable firm in terms of market capitalisation, ahead of IT major Tata Consultancy Services and Infosys.

Bharti Airtel has a market cap of Rs 1.29 lakh crore, followed by TCS at Rs 1.26 lakh crore and Infosys at fifth rank at Rs 1.22 lakh crore.

Another PSU major NTPC has fallen to the sixth position in terms of market cap at Rs 1.13 lakh crore closely chased by Reliance Communications at Rs 91,302 crore.

PTI