Mumbai: State-run ONGC on Tuesday became the country's most valued company with a market capitalisation of over Rs 2.47 lakh crore, surpassing Tata Group software services company TCS.
At the end of today's trade, energy major ONGC commanded a market value of Rs 2,47,681 crore -- the highest for any listed company in India. This is about Rs 4,550 crore more than Tata Consultancy Services' (TCS') market value of around Rs 2,43,125 crore.
A sharp gain of 1.44 percent in ONGC's share price today pushed the company to the top slot. In comparison, TCS shares fell by 1.43 percent.
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.
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.
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 terms of market capitalisation.
Reliance Industries with a market capitalisation of Rs 2,41,006 crore stood at the third position at the end of today's trade followed by Coal India (Rs 2,25,241 crore) and ITC (Rs 1,92,997 crore).