In the last month, Reliance Industries (RIL) shares jumped 9.6% to Rs 1,352.40. This resulted in the addition of Rs 40,000 crore to Mukesh Ambani’s wealth. At present, the total net worth of Mukesh Ambani is Rs 4.2 lakh crore ($59 billion).
The spike in the price of the company’s shares also resulted in regaining RIL as the most valued company in India with Rs 8.57 lakh crore net worth, leaving behind its competitor Tata Consultancy Services (TCS) with Rs 7.46 lakh crore.
On the other hand, TCS’s share price fell 7.75% to Rs 1,987.05. TCS is said to be facing microfinance issues and is also affected by the slowdown in the banking sector of the US and Europe. In contrast, RIL is extraordinarily performing well due to Reliance Jio – its telecom arm.
Reliance Jio is expected to continue growing and gaining market share. Reliance Jio, in comparison to its competitors Vodafone Idea and Bharti Airtel, is earning better margins.
As per the recent reports available, TCS is expected to perform similarly in the current quarter as well. In the opinion of the experts, it would be difficult to regain the most valued company title in India for now for the TCS.
Moreover, industrialist Gautam Adani became the second richest person in India with Rs 1.1 lakh crore ($15.7 billion). Recently, Renewable power arm of Adani Group, Adani Green Energy’s stock went over 67% in five weeks to Rs72.80.
HDFC with Rs 6.56 lakh crore market capitalization remains as the third most valued firm in the Indian stock market. It is followed by Hindustan Unilever with Rs 4.45 lakh crore market capitalization.