State-owned Coal India has mid-wived one of the most incredible stories on Dalal Street by toppling Reliance Industries to become the country’s most valuable company.

This was barely nine months after it listed on the stock exchanges.

From in.finance.yahoo.com:

The Calcutta-based hewer of coal today notched up a market capitalisation of Rs 2,51,296 crore, nudging ahead of Mukesh Ambani’s flagship company which reported a value of Rs 2,47,129 crore.

The Coal India stock, which first listed on the bourses on November 4 last year, has risen 16.21 per cent till date, while Reliance has wilted 32 per cent during the same period.

Both are principally energy resource companies: one is the largest producer of coal, while the other is the biggest refiner of crude oil.

Coal India’s push to the top came in just seven trading sessions since it burst into the sensex on August 8. That itself is a fairytale ride: no other company has leapt into the index in a short span of nine months since listing.

The change at the top, though not unexpected, is a reflection of the huge demand for natural resources such as coal in an economy that is projected to grow at 8 per cent.

The Coal India stock closed with a gain of 2.64 per cent at Rs 397.85, translating into a market capitalisation of Rs 2,51,296 crore, in the trading day.