Tata Consultancy Services (TCS) on Monday surpassed Mukesh Ambani-led Reliance Industries to become the most valuable company in India as the former's shares rose as much as 1.26 per cent to hit a record high of ₹ 3,345.25 on the BSE. At the day's highest level, TCS' market value touched an all-time high of Rs 12.55 lakh crore.
TCS's share surge on Monday also saw the company briefly replacing Accenture to become the most valuable IT company in the world. As its market cap touched Rs 12.55 lakh crore ($170 billion), the Indian IT firm beat American-Irish multinational Accenture, which has a $168 billion market cap on New York Stock Exchange (NYSE).
However, the euphoria was short-lived. By afternoon trade, the stock dipped nearly 0.45 per cent to Rs 3,314 from an all-time high of Rs 3,339. This brought down TCS valuation to $167 billion.
Meanwhile, RIL was pushed back to the second most valuable Indian firm as its shares declined as much as 5 per cent to hit an intraday low of Rs 1,950.30 after it reported a 30 per cent decline in its oil-to-chemicals division. Reliance Industries' market capitalisation declined to Rs 12 lakh crore on the BSE on Monday.
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Reliance Industries' market value touched an all-time high of Rs 14.58 lakh crore on September 16, when its stock touched a record high of Rs 2,369.35 on the National Stock Exchange.
Since March 2020, even amid the pandemic, TCS stocks have gained over 82 per cent in value.
Indian benchmark indices touched new highs last week with four of the top 10 valued firms adding a total Rs 1,15,758.53 crore to their combined market valuation during the period. Reliance Industries added Rs 71,033.44 crore to its market cap, while Tata Consultancy Services (TCS), Hindustan Unilever Limited and Bajaj Finance, too, witnessed a rally in their market valuation.
However, on Monday, the BSE benchmark Sensex dived nearly 531 points to close at 48,348 on Monday, prolonging its losing streak to the third straight session, weighed down by massive selling particularly in energy and IT stocks. On the Sensex chart, Reliance Industries fell 5.36 per cent, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid – dropping as much as 4.72 per cent.
