RCoM crosses Rs 1 lakh cr in m-cap

Anil Ambani group flagship Reliance Communications on Friday entered the elite club of companies with Rs 1 trillion market value on the back of robust quarterly results, joining the likes of ONGC and Reliance.

The company has become the seventh company to gross a market capitalisation of Rs 100,000 crore with its scrip touching an intra-day high of Rs 494.80.

State-run Oil and Natural Gas Corporation is at the top with a market value of about Rs 1,94,000 crore, followed by Reliance Industries at Rs 1,92,000 crore, IT giant TCS at Rs 1,27,000 crore, Infosys Rs 1,25,000 crore and PSU major NTPC at Rs 1,18,000 crore.

RCoM still remains a notch below its rival Bharti Airtel which has a market cap of Rs 1,42,000 crore.

The company was listed on the bourses on March 6 last year with a market cap of Rs 37,550 crore, which steadily grew over the past months and had crossed the Rs 90,000 crore mark in December.

The company has become the fifth largest private corporate in terms of market capitalisation on the bourses.

The company had early this week reported a 198 per cent jump in net profit at Rs 924 crore for the third quarter ended December, 2006.

Revenues for the third quarter jumped by 26 per cent at Rs 3,755 crore as a record four million wireless subscriber were added during the period.