ONGC topples TCS to become most valued firm
State-owned ONGC today toppled software exporter TCS to becomes the country's most valued company with its market capitalisation soaring to over Rs 2.48 lakh crore, driven by a spurt in share price.
During the afternoon trade, ONGC commanded a market value of over Rs 2.48 lakh crore -- the highest for any listed company in India. This is about Rs 5,500 crore more than Tata Consultancy Services' (TCS) market value of around Rs 2.42 lakh crore.
A sharp gain of 1.59% in ONGC's share price today pushed the company to the top slot. In comparison, TCS fell by 1.61%.
Market capitalisation of a listed company corresponds to the cumulative market price of all its shares. This figure changes daily with the change in the stock price.
Reliance Industries with a market capitalisation of Rs 2.40 lakh crore stood at the third position, followed by Coal India (Rs 2.24 lakh crore) and ITC ( Rs 1.93 lakh crore).