RIL pips TCS again to become India’s most valued firm; Mukesh Ambani-led firm’s rise so far
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Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Tuesday pipped the information technology (IT) giant Tata Consultancy Services (TCS) to become the country’s most valued firm by market capitalisation. As per Tuesday’s close, Reliance Industries’ market capitalisation was recorded at Rs 7,37,576.57 crore on the Bombay Stock Exchange (BSE), up Rs 1,471.26 crore from that of Tata Consultancy’s market capitalisation of 7,36,105.31 crore on Tuesday, data available with the stock exchanged showed.
After surpassing TCS on Tuesday, shares of RIL continued the strong rally on Wednesday as well and were trading at Rs 1172.20 a piece, up 0.83% in the early morning trade, after touching an intraday of Rs 1180.95, ahead of the company’s second quarter financial results to be announced later in the day.
Shares of RIL closed on Tuesday at Rs 1,163, up 2.09% from their previous close on BSE, while TCS’ stocks ended the day 0.64% higher at Rs 1,961 a share. RIL shares have been broadly rising since late-June 2018 and have emerged as one of the biggest gainers among all the blue-chip components of BSE Sensex index.
While RIL and TCS are the first and second most valued companies by market capital, HDFC Bank is on the third position with Rs 5,41,370.18 crore, ITC on fourth with Rs 3,45,918.24 crore and Hindustan Unilever on the fifth position on the list with Rs 3,34,297.56 crore, as on Tuesday’s closing price.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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