Riding high on its new telecom venture Jio, Reliance Industries Ltd (RIL) has now become the "Sultan" on BSE surpassing IT-major Tata Consultancy Services (TCS).

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On Tuesday at 1343 hours, during the intraday trade, the market capitalisation of RIL was at Rs 4,57,336.33 crore while that of TCS was at Rs 4,53,073.25 crore.

Shares of RIL were trading at Rs 1390.55 per piece, down 0.03% or Rs 0.45. TCS shares were trading at Rs 2327.95 per piece, up 0.31% or Rs 7.10 on BSE. 

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Mayank Maheshwari, Rakesh Sethia and Amruta Pabalkar, analysts at Morgan Stanley said, “RIL stock has underperformed peers by 60ppt in the past four years as its returns lagged peers'. This is set to change as earnings start from energy projects and telecom monetisation gathers pace. We raise our price target to factor in higher energy earnings and increased clarity on telecom investments."