Mumbai: Corporate behemoth Reliance Industries (RIL) on Thursday replaced state-run energy giant ONGC as India's largest corporate entity in terms of market capitalisation with a more than one per cent surge in its share price.
Shares of RIL jumped about 1.3 per cent in morning trade on Thursday, taking its market capitalisaiton to over Rs 1.61 lakh crore, ahead of the incumbent leader Oil and Natural Gas Corp (ONGC) Ltd.
ONGC's shares were trading marginally in the red giving the company's market cap at about Rs 1.60 lakh crore.
The market observers said RIL could witness continued uptrend in its share price in the coming days on expectations of a robust second-quarter performance, scheduled to be announced on October 19.
IT major Infosys, which replaced PSU power major National Thermal Power Corporation as the country's third largest corporate entity yesterday, maintained its position with a market capitalisation of over 1.11 lakh crore.
Infosys's shares were seen gaining further ground after a jump of about four per cent yesterday, driven by an impressive Q2 results and its plans to launch a secondary American Depositary Share offering of about $1.5 billion.
Another IT major TCS was also seen trading with a gain of about 2 per cent, taking its market cap to over Rs 1.03 lakh crore, the fifth largest among India's listed entities.
NTPC, now the fourth largest in the market-capitalisation league, was trading with a modest gain keeping the company's market cap at about Rs 1.07 lakh crore.
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