Tata Consultancy Services on Monday surpassed Reliance Industries Ltd to become the country’s most valued firm after its market capitalisation surged to Rs 12,45,341.44 crore.

During the afternoon trade, the market valuation of Reliance Industries Ltd (RIL) was at Rs 12,42,593.78 crore on the BSE.

The dramatic rise in TCS’ m-cap came after shares of RIL declined 4.84 per cent to Rs 1,950.30 on the BSE after its earnings failed to cheer investors.

In contrast, TCS gained 1.26 per cent to touch its one-year high of Rs 3,345.25.

Last year in March, the IT firm had also reclaimed the status of the country’s most valued firm by market valuation.

TCS, the country’s largest software exporter, reported a 7.2 per cent rise in consolidated net profit to Rs 8,701 crore for the December 2020 quarter, backed by strong IT demand due to the pandemic.

Market capitalisation of companies changes daily with movement in their stock prices.