At close of trade today, HUL commanded a market capitalisation (m-cap) of Rs 3,47,212.06 crore, which was Rs 2,867.88 crore more than that of ITC's Rs 3,44,344.18 crore valuation.
With this, HUL also became the fourth most valuable Indian company.
HUL was the top gainer among the 30-Sensex scrips.
Shares of HUL rose by 2.22 per cent to end at Rs 1,604.10 on BSE. Intra-day, it jumped 2.45 per cent to Rs 1,607.85.
ITC's shares ended 1.13 per cent higher at Rs 282.15. During the day, it rose by 2.29 per cent to Rs 285.40.
Tata Consultancy Services is the country's most valued firm with a valuation of Rs 6,70,450.51 crore, followed by Reliance Industries Ltd (Rs 5,91,353.05 crore), HDFC Bank (Rs 5,22,745.23 crore), HUL and ITC in the top five list.