Mumbai: Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market-cap) in India. At closing, the market-cap of Reliance Industries on the BSE stood at around Rs 7.51 lakh crore, against the Rs 7.43 lakh crore worth of market-cap of Tata Consultancy Services.
The rise in market-cap of the RIL came on the back of healthy results for the June-ended quarter, analysts said. The company on Friday reported a 4.47 per cent rise in net profit at Rs 9,459 crore for the first quarter of 2018-19 on the back of robust growth in its petrochemical business backed by higher realisation in refining. The share price of RIL on BSE settled at Rs 1,185.85 on Tuesday, higher by 36.15 points or 3.14 per cent from its previous close.