State run firms become largest in terms of market capitalisation
August 19th, 2011 - 4:36 pm ICT by IANSMumbai, Aug 19 (IANS) State-run companies Coal India and ONGC Friday became the most valuable companies by market capitalisation, with the public-owned oil and gas major pushing Mukesh Ambani-led Reliance Industries (RIL) to third spot in Friday trade.
Coal India was still the most valuable company, having pushed RIL to the second spot earlier in the week. Coal India’s market capitalisation stood at Rs.2,48,896 crore about an hour before end of trade Friday .
ONGC overtook RIL around noon with a market capitalisation of Rs.2,37,757 crore, while the Mukesh Ambani company’s valuation slipped to Rs.2,37,045 crore.
Although the markets were in a downtrend, scrips of both state-run companies managed to stay in the green. RIL, however, was down over 2 percent.
Analysts have been concerned over declining gas output from the Krishna Godavari basin operated by RIL. According to its closing price Thursday, the stock has lost over 30 percent from the levels a year ago.
Coal India, on the other hand, has seen its scrip rise almost 15 percent from Nov 4, 2010, when it got listed.
For years now, RIL, has been held as one of the most valuable companies and, in fact, it ousted ONGC as the largest firm in terms of market capitalisation.
Coal India’s rise after its initial public offering last year is mainly attributed to the huge unmet demand for coal from expanding thermal power capacity in the country.
- Coal India topples RIL as most valuable firm - Aug 18, 2011
- RIL profit falls 13.55 percent, to buy back shares - Jan 20, 2012
- Coal India surges 39 percent on debut - Nov 04, 2010
- RIL fourth quarter net profit down 21.2 percent (Lead) - Apr 20, 2012
- Reliance Industries net profit up 14 percent - Apr 21, 2011
- Coal India jumps 40 percent to Rs.342.35 on debut (Lead) - Nov 04, 2010
- Reliance Industries net up 6.1 percent (Lead) - Apr 23, 2010
- Sensex down 1.05 percent at 17,192.02 points (Lead) - Apr 23, 2012
- Reliance, BP form joint venture for gas business - Nov 18, 2011
- RIL denies wrong-doing in production sharing contract (Lead) - Sep 08, 2011
- ONGC scrip soars after government nod for stake sale - Feb 29, 2012
- BP to buy 30 percent stake in RIL oil blocks for $7.2 bn - Feb 21, 2011
- Sensex slips below 18,000 points - Feb 24, 2012
- ONGC Q3 net profit doubles to Rs.7,083 crore - Jan 28, 2011
- LIC stake in ONGC rises to 9.5 percent after auction - Mar 05, 2012
Tags: coal india, crore, godavari, initial public offering, krishna godavari basin, market capitalisation, mukesh ambani, mumbai, oil and gas, ongc, reliance industries, ril, rs 2, s market, scrips, stock, unmet demand, valuable companies