Reliance Industries Limited (RIL), on Wednesday, surpassed British oil major BP Plc in terms of market capitalisation to become the sixth-largest energy entity in the world.
RIL's market cap hit $130.76 billion as against BP Plc's $128 billion as its shares continued their rally on Wednesday, touching a new record high for the second consecutive session. It touched an intra-day high of Rs 1,480 on NSE.
A rise in the Mukesh-Ambani led conglomerate's market cap can largely be credited to its retail and telecom businesses.
On the other hand, the British energy giant's share price fell after it reported a 41 percent fall in its third-quarter net profit on Tuesday. For the third quarter of 2019, BP posted an underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion as against a profit of $3.8 billion in the same period a year ago and $2.8 billion in the second quarter.
Shares closed 3.8 percent lower at $6.33 on Tuesday and slipped 0.5 percent shortly after the opening bell on Wednesday at the London Stock Exchange.
A dividend of 10.25 cents per share was announced for the quarter. However, the results dashed hopes of higher dividend this year among investors.
Among listed companies, Exxon Mobil Corp with a market cap of $290.42 billion is the biggest oil and gas firm in the world, followed by Royal Dutch Shell Plc at $238.15 billion, Chevron Corp at $224.92 billion, Petrochina Co Ltd at $149.20 billion, and Total SA at $141.74 billion.
Saudi Aramco, that emerged as the most profitable company in the world in 2018 is likely to beat Exxon Mobil Corp after its IPO (initial public offering), that could be launched by the first half of the next year.