By Paul Beckett
The last stock market session of the year delivered an unexpected headline: Mukesh Ambani no longer runs India?s most valuable company.
Reliance Industries Ltd., his oil to retail conglomerate, was stripped of that title by Tata Consultancy Services, the outsourcing behemoth that is part of the Tata Group, according to data released by SMC Global Securities Ltd. Reliance?s market value reached 2.269 trillion rupees (about $42.8 billion) while TCS?s market value touched 2.272 trillion rupees in Friday trading.
Of course, come Monday, Reliance could regain the crown. But the news nonetheless may make for a slightly anticlimactic end of year for Mr. Ambani after glowing news reports this week about the possibility that he and his brother, Anil, have settled their famous differences. The two men, and their mother Kokilaben, attended a celebration in Gujarat for the 80th anniversary of the birth of their late father ? a rare show of family unity. Talk of an Ambani brothers reunion has been percolating for months and speculation has grown that they will once again team up in business. We?ll reserve judgment, for now, on the likelihood of that.
But the market?s numbers are clear. Ratan Tata, the head of India?s flagship conglomerate, is now the ultimate overseer of India?s most valuable firm. It?s perhaps ironic that Mr. Ambani hasn?t been knocked from his perch by a young upstart but by a man many years his senior. Indeed, it means that Mr. Tata will go into his final year at Tata?s helm with the imaginary trumpets blaring. And it?ll fall to TCS?s management and Mr. Tata?s chosen successor, Cyrus Mistry, to ensure that TCS stays where it is.
A TCS spokesman declined comment. An RIL spokesman couldn?t immediately be reached.
Paul Beckett is the WSJ?s bureau chief in New Delhi. Follow him on Twitter @paulwsj.
pacquiao vs marquez junior dos santos junior dos santos evelyn lauder devin hester devin hester shayne lamas
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.