Reliance Industries Limited (RIL) reclaims title of India’s most valued firm

Aug. 30, 2011 - PRLog -- On Monday morning, Mukesh Ambani led Reliance Industries Limited (RIL), regained its lost standing to once again become India’s most valued firm in terms of market capitalization. RIL commanded a market cap value of Rs. 2, 46,883, higher than its close contender ONGC which valued at Rs. 2, 35,233 crore as markets closed on Monday. RIL shares fared well through the day and closed at an increment of 4.8 per cent at Rs. 754.05 a piece on the Bombay Stock Exchange (BSE). Favorable Sensex propelled this increment as the index itself rose 3.58 per cent to close at 16,416.33.

For four straight years, Reliance Industries has defended the title of India’s most valued firm, after defeating ONGC in the first place in 2006. Last month, due to weakening of RIL stocks and gradual encroachment of growing valuation of Coal India Limited Coal (CIL) and ONGC, RIL was pushed back to level at the runner’s up position. Both CIL and ONGC had been performing well despite volatile market conditions in the last few months and because of this, they were able to move ahead RIL to claim first and third position respectively. Although Reliance almost slipped another level, closing behind ONGC, it did manage to retain the second slot by the time the markets closed two weeks ago. However, Coal India’s victory was equally short lived as Reliance Industries regained the top slot early Monday morning on August 23. By August 24th, CIL lost further ground and slipped to third position in the valuation charts, lagging behind both RIL and ONGC. Presently, CIL remains India’s third most valued company, with a total market capitalization of Rs. 2, 33,263 crore as on Monday. For now, trade analysts have their eyes glued to ascertain how long the status quo is to remain at its present level. Boost the company’s moral once again; Reliance Industries will be seen tuning up its processes to retain the calling of India’s most valued and biggest private sector firm.