Google Inc. has been named as one of the world’s 100 largest companies, based on stock market value. According to the latest version of the FT Global 500 rankings, the Mountain View, California-based company has risen from 279th place to 95th as the result of the rise in its share price that has given the company a market capitalization of approximately $80.9bn.

Companies are ranked in order of their stock market value as of June 30. The previous rankings were compiled at the end of March.

Shares in Google were at $291.25 on Nasdaq as of 5.15pm BST on Monday. When the company held its IPO last August, its shares were priced at $85 per share. During the first day of trading, it share price closed at just over $100 per share. In May, Google shattered Wall Street expectations with a near six-fold surge in quarterly profit. For the first quarter ending March 31, the company reported net income of $369.2m, up from $63.9m in the year-ago quarter. Sales almost doubled from $651m to $1.25bn.