One of the notable events in Indian markets in recent years is the emergence of Tata Consultancy Services (TCS) as India's largest company by market capitalisation, by overtaking Mukesh Ambani-led Reliance Industries Limited (RIL). RIL had held that position for long.

RIL scrip has underperformed the benchmark indices since 2009. While BSE Sensex has gone up 54% since 2010, the RIL share has declined 9%.

On the other side, TCS became the first Indian company to cross a market capitalisation of ₹5 lakh crore last year. By crossing that figure, it also emerged as the world's second most valuable IT firm.

Here is the list of Top 10 Most Valuable Indian Companies:

1. TCS

TCS is the most valuable Indian company with a market capitalisation of ₹ 5,10,209.46 crore as of 3 July, 2015. Taking into account the employee bonus of ₹2,628 crore announced by the company, the profit stood at ₹21,696 crore, up 13.5 per cent. The Mumbai-firm is also the country's largest software services firm. Share price of TCS has gained just 2% this year so far.

TCS
Tata Consultancy Services (TCS) chief executive and managing director N. Chandrasekaran speaks during a news conference in Mumbai in 2009. File photoReuters

2. RIL

RIL is the second most valued company with a market capitalisation of ₹ 3,25,828.41 crore. RIL was the most profitable company in the country in the last fiscal year, outstripping Oil and Natural Gas Corp. Ltd (ONGC) and TCS. Stock price of RIL rose 13.5% this year so far. RIL posted a record profit of ₹23,566 crore in the fiscal year 2014-15 on improved refining margins.

RIL
Mukesh Ambani (R), chairman of Reliance Industries Ltd, waits for his wife Nita before addressing the company's annual shareholders' meeting in Mumbai, India, 12 June, 2015.Reuters

3. HDFC Bank

HDFC Bank stands in the third place with a market capitalisation of ₹ 2,69,843.63 crore. The country's largest housing financier earned a profit of ₹10,689 crore. Share price of HDFC Bank witnessed 11% gain on the Bombay Stock Exchange (BSE).

HDFC Bank
Customers sit outside the branch of a HDFC bank at a shopping arcade in Agartala, capital of India's northeastern state of Tripura, January 20, 2014.Reuters

4. ONGC

India's largest oil and gas producer ONGC is currently the fourth most valuable firm with market capitalisation standing at ₹ 2,64,706.86 crore. Consolidated net profit of India's largest oil and gas producer ONGC fell to ₹18,333.52 crore in 2014-15, slipping to the third spot in the list of the most profitable companies in 2014-15. ONGC shares fell over 18% since the beginning of the year.

ONGC
Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in the western Indian state of Gujarat September 12, 2009. File photoReuters

5. Coal India

State-owned Coal India Ltd is the fifth largest Indian company in terms of market value. The world's largest coal producer was the sixth most profitable company in the country in 2014-15, earning a profit of ₹13,727 crore. Coal India payed the second highest dividend in FY 15 after TCS. Coal India stock prices rose nearly 9.5% this year.

Coal India
A worker unloads coal from a goods train at a railway yard in the northern Indian city of Chandigarh July 8, 2014. [Representational Image]Reuters

6. ITC

The Kolkata-headquartered FMCG major ITC is the sixth most valuable Indian company with a value of ₹ 2,52,889.64 crore. It posted a profit of ₹9,663 crore in the last fiscal year. Share prices of ITC fell over 14% since January, this year.

ITC
Sunfeast-branded instant past meals, which are part of a line of fast-moving consumer goods owned by Indian cigarette maker ITC, are displayed for sale at a grocery store in Mumbai May 17, 2013.

7. Infosys

Once the bellwether of the Indian IT sector, Infosys is now the seventh most valuable company with a market value of ₹ 2,27,386.04 crore. The country's second largest IT services firm, which has been struggling to increase its revenues for the past several quarters, announced a profit ₹12,329 crore for FY15. Share prices of Infosys almost remain unchanged since the beginning of the year, closing at ₹ 989.95 on 3 July.

Infosys
An employee speaks on a mobile phone as she eats her lunch at the cafeteria in the Infosys campus in the southern Indian city of Bangalore September 23, 2014.Reuters

8. Sun Pharma

India's biggest drugmaker Sun Pharma is in the eight position with a market value of ₹2,09,594.26 crore. The Mumbai-based multinational pharmaceutical company's profit fell 44% to ₹888 crore during the January-March quarter. Share prices of Sun Pharma touched a three-month low of ₹869.50 in June, following a drop in profit. Overall, Sun Pharm shares are up by over 5% so far this year.

Sun Pharma
An employee speaks on the phone as he walks out of the research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai.Reuters

9. Housing Development Finance Corp Ltd (HDFC)

HDFC is the country's ninth largest company when measured in terms of market value. Its capitalisation stood at ₹ 2,07,412.69 crore on 3 July.

10. State Bank of India (SBI)

SBI is the tenth most valuable Indian company with a market value of ₹ 2,03,417.50 crore. It was also the fourth most profitable firm in FY 15, posting a profit of ₹16,994 crore. Share prices of SBI are down 13% so far in 2015.

State Bank of India (SBI) chairwoman Arundhati Bhattacharya
State Bank of India (SBI) chairwoman Arundhati Bhattacharya speaks during a news conference in Mumbai, February 13, 2015.Reuters