Mumbai : 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.