State-run Oil and Natural Gas Corporation (ONGC) today became the country’s most valued company, with market capitalisation of about Rs 2.47 lakh crore, surpassing software services company Tata Consultancy Services (TCS).
At the end of Tuesday’s trade, ONGC’s market value was the highest for any listed company in India, and about Rs 4,550 crore more than TCS’ market value of about Rs 2,43,125 crore.
A sharp gain of 1.44 per cent in ONGC’s share price on Tuesday pushed the company to the top slot. In comparison, TCS shares fell 1.43 per cent.
Market capitalisation of a listed company corresponds to the cumulative market price of all its shares.
In August 2011, ONGC had replaced Mukesh Ambani-led Reliance Industries (RIL) as the country’s most valued company. RIL had toppled ONGC from the top slot in late 2006. However, the state-run energy giant later reclaimed the top position, albeit for a brief period.
During the past two months, TCS was ruling the market capitalisation charts. On May 2, the software giant replaced RIL as the most valued company in the country. At the end of Tuesday’s trade, RIL, with market capitalisation of Rs 2,41,006 crore, stood at the third position, followed by Coal India (Rs 2,25,241 crore) and ITC (Rs 1,92,997 crore).
