1. Reliance Beats TCS To Become India`s Most Valued Company.

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Tuesday surpassed India’s biggest software services firm Tata Consultancy Services Ltd (TCS) to become the country’s most valued firm in terms of market capitalization—a first since April. Data from the BSE showed RIL has a market cap of ? 7.46 trillion, after its shares rose 2.4% on the BSE to record high of ? 1177.80. TCS, at ? 1930 per share, was valued at ? 7.39 trillion.

The surge in RIL share price follows its Q1 results where its standalone net profit increased 18% to ? 9,459 crore. TCS, on its part, reported quarterly revenues of over $5 billion for the first time in Q1.

RIL shares have beaten the market by a wide margin in the past two months on expectations of a regulatory boost for its refining business and excitement about revenue accretion from its telecom subsidiary Reliance Jio’s non-mobile businesses.

It’s outperformance in Q1, however, was led by the petrochemical and refining realizations, which reported a 35% year-on-year jump in volumes, helped by the company’s expanded capacity. Revenue at the energy-to-telecom conglomerate rose 56.5% to ? 1.4 trillion against ? 90,537 crore in the corresponding previous quarter. Its telecom arm Reliance Jio reported a profit of ? 612 crore for the June quarter, a 19.9% rise on a sequential basis, on the back of a revenue of ? 8,109 crore from its operations, the company said.