Times are changing as IT stocks again find their place on the top of the heap, amidst rupee’s value at weakest in its life time. Today, TCS piped India’s Reliance Industries from its throne as India’s most valued company by market capitalization.
While the stock price of Reliance Industries suffered on the Indian bourses led by lower gas production, the stock price of TCS has gradually moved up over last few months backed by depreciating rupee adding to its coffers.
At the end of the day’s trade, TCS edged past RIL with a market cap of Rs.227279 crore as against Rs.226883 crore for the oil and gas major. Reliance share prices have ended with 3% losses today and yesterday.
Earlier, few months back, RIL share price was overtaken by PSU coal major Coal India. However, RIL regained its lost spot on negative impact of the new mining bill on CIL.