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RIL Becomes First Indian Firm To Hit Rs 8 Lakh Crore Market Cap, TCS Closely Follows At Rs 7.8 Lakh Crore
Reliance Industries Limited is headed by Mukesh Ambani. (Manoj Patil/Hindustan Times via Getty Images)
Reliance Industries Limited (RIL) became the first Indian company to hit Rs 8 lakh crore in market capitalisation, closely followed by Tata Consultancy Services (TCS) at Rs 7.8 lakh crore, Business Standard has reported.
The RIL share value has gone up from Rs 945 on 28 June to Rs 1,270, a 34 per cent rise after a series of announcements on telecom and retail businesses by its top management. There is an expectation from investors that RIL can do well in these sectors. Currently, RIL’s market capitalisation accounts for five per cent of India’s total market cap.
The TCS share has gone up by 51 per cent this year and its market value of has gone up by Rs 2.63 lakh crore. Both RIL and TCS together account for 10 per cent of country’s market value.
Earlier in the month, Sensex had breached the 38,000 mark for the first time. The rise in BSE Index was attributed to the focus of investors on earnings of the companies. The renewed interest of foreign investors in Indian equity markets was also seen as a another reason for good performance of BSE and NSE.
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