The Reliance Industries Limited (RIL) has surpassed Tata Consultancy Services' (TCS) market capitalisation to become India's most valued firm. Around 12:35 pm on Tuesday, the shares of RIL were trading 2.16 percent higher at Rs 1,174.90 a share, valuing itself at the market cap of Rs 7.44 lakh crore, overtaking TCS' valuation of Rs 7.39 lakh crore. Shares of TCS fell by 0.79 percent to Rs 1,929.55 a piece on Tuesday.

After RIL released its financial results for the first quarter of 2018-19, reporting a standalone net profit increase of 19.9 percent to Rs 612 crore, its share price has been gaining.

The higher than expected performance of RIL's petrochemical segment has helped the company expand its capacity. It reported a 35 percent increase in volumes in the segment on a year-on-year basis.

Its telecom-arm Reliance Jio reported a 14 percent increase in subscriber base from the last quarter, however, its revenue declined by 2 percent due to a waiver in Jio Prime membership fee.

TCS had first replaced RIL as the most valued firm more than five years ago. So far this year, RIL shares have surged over 28 percent, while those of TCS slumped 28.5 percent. Reliance Industries had earlier this month crossed the USD 100-billion market capitalisation mark. The m-cap figure of companies changes daily with stock price movement.