ONGC overakes TCS as most-valued firm
Oil major ONGC today regained the coveted status of the country's most valued company in terms of market valuation within days of losing the top position to software giant Tata Consultancy Services.
At close today, ONGC commanded the highest market value of Rs 2,45,499 crore on the BSE, following 0.77% rise in its shares.
The company closed at Rs 286.95, bucking a weak broader trend as the Sensex ended 110.39 points lower at 17,103.31.
ONGC surpassed TCS, which had dethroned the energy major as the country's most valued firm on July 4, on the market valuation charts.
Shares of TCS closed lower by 3.16% at Rs 1,210.20, bringing down its m-cap to Rs 2,36,862 crore.
On July 3, ONGC had toppled TCS to become the country's most-valued company. But its rein at the top place was short- lived, as the very next day TCS regained the slot.
Reliance Industries with a market capitalisation (m-cap) of Rs 2,35,865 crore was at the third position, followed by Coal India (Rs 2,22,020 crore) and ITC (Rs 1,97,219 crore).
TCS was ruling the market capitalisation chart for the past two months. On May 2, the software giant had replaced RIL as the country's most valued company.
In August last year, ONGC had replaced billionaire Mukesh Ambani-led Reliance Industries (RIL)as the country's most valued company.
RIL had first toppled ONGC to become the country's most- valued firm way back in late 2006, but the state-run energy giant later reclaimed the top position, albeit only for a few brief period. RIL has managed to stay on the top since February, 2007, except for past few months.
Market capitalisation, or value of a listed company is arrived at by multiplying the total number of its shares with its stock price on a particular day or time. This figure changes daily with the change in the stock price.