- TCS also overtook global technology giant IBM in terms of market capitalization at the New York stock exchange on Monday.
- It was included in Diversity Inc’s list of ‘Top 50 companies in terms of Diversity’ in the US.
TCS Surpassing RIL:
Tata Consultancy Services (TCS) overtook Reliance Industries Limited (RIL) as the leading firm in terms of market capitalization in India on Monday. At the close of trade, RIL’s market capitalization (m-cap) of Rs. 8,36,024.08 crore was overtaken by TCS at Rs. 8,37,194.55 crore, which was Rs. 1,170.47 crore is more than that of RIL. Shares of TCS rose by 2.39% to close at Rs. 2,231.10, while those of RIL closed flat at Rs. 1,318.85, up just about 0.27% on the Bombay Stock Exchange (BSE).
The Rise Of Reliance as the most valued company:
Reliance is going through a great phase of expansion in the local as well as international market. Their telecom division Jio is gaining thousands of new customers every month, they beat Amazon in the list of most valued retail brands, they acquired major toy-store chain Hamley’s and became the most profitable Indian company in the fiscal year 2018-19 overthrowing the decades-long run of the state-owned conglomerate Indian Oil Corp (IOC). Reliance’s increased focus on expansion activities has slightly hampered its existing businesses, which is believed to be a big reason for the firm being overtaken by TCS in terms of m-cap.
TCS Overtaking IBM:
On Monday, TCS was at number one position followed by RIL, HDFC Bank (Rs. 6,66,533.49 crore), HUL (Rs. 4,00,325.83 crore) and HDFC (Rs. 3,78,236.52 crore) in the domestic M-Cap Ranking. On the same day, TCS also overtook global technology giant IBM in terms of market capitalization at the New York stock exchange. TCS share closed at $120 billion (Rs 8.37 lakh crore) ahead of IBM’s figure of $119.46 billion. Last month, TCS was included in Diversity Inc’s list of ‘Top 50 companies in terms of Diversity’ in the US.
TCS and Reliance have been constantly competing for the position of the top firm in India in terms of market capitalization. RIL had previously taken over software services giant TCS just last month and now the reverse has happened. This see-saw between the two companies is sure to continue in the days to come.