Mumbai (NVI): Reliance Industries created a history as it became the first Indian company to hit Rs 10 lakh crore market cap as its shares jumped to touch a record high of Rs 1,581 per piece today.
With this, the Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries has become most valued Indian company in terms of market capitalisation.
The feat comes close on the heels of RIL last week becoming the first Indian firm to cross a market capitalisation of Rs 9.5 lakh crore. A few days ago, the RIL had become the world’s sixth-largest oil company, surpassing BP Plc.
RIL shares rose as much as 0.7 percent intraday today to touch a new 52-week high of Rs 1,581.25 per share on the BSE, pushing the company’s market cap to over Rs 10 lakh crore.
At 10.22 pm, RIL’s stock price was trading 0.4 percent higher at Rs 1,576.65 with the market cap of Rs 10.01 lakh crore. The stock has risen 39 percent in the last 1 year and 40 per cent just in 2019.
The stock has been on a high since RIL and Saudi Aramco signed a nonbinding letter of intent under which Saudi Aramco will buy a 20 percent stake in RIL’s oil-to-chemical business at an enterprise value of $75 billion. The sentiment was also lifted after Reliance Jio said that it will increase tariffs in the next few weeks, in a bid to strengthen the financially stressed industry.
Edelweiss Securities said Reliance Industries is likely to achieve its zero net debt target as it is likely to receive Rs 1.1 trillion from Saudi Aramco and BP in FY21.
