Mukesh Ambani’s RIL scripts history, becomes first Indian company to hit Rs 10 lakh crore of m-cap
New Delhi | Jagran Business Desk: Mukesh Ambani’s Reliance Industries Limited (RIL) on Thursday made history after it became the first Indian company to touch a market capitalisation (m-cap) of Rs 10 lakh crore as its shares jumped to touch a record high of Rs 1,581 per piece.
The RIL’s stock rose 0.73 per cent to a record peak of Rs 1,581.25 in intra-day trade on the stock exchange and it retreated from the milestone and the firm's market capitalisation (m-cap) was around Rs 9,99,368.41 crore at 10:50 am.
The second on the list is TCS which has a market valuation of Rs 7,79,708.02 crore, followed by HDFC Bank with a market cap of Rs 6,96,494.75 crore, Hindustan Unilever (Rs 4,49,252.62 crore) and HDFC (Rs 3,99,599.38 crore).
The RIL operates the world’s biggest oil-refining complex in Jamnagar, Gujarat, which can process low-quality crude and turn it into higher-grade fuels, partly protecting it from volatility in prices.
Last month, the company’s had hit the Rs 9 lakh crore m-cap level and so far the company’s security has increased 41 per cent, much higher than the 13.8 per cent rise in Sensex so far in 2019. It had also announced that it would invest over Rs 100 lakh crore to create a digital services company as it seeks to cut debt at Jio, potentially making way for the entry of a strategic investor.
In August, the RIL had also announced a deal that gives the European oil major a 49 per cent stake in the Indian conglomerate’s fuel retail business.
According to a report by BofAML, the RIL can become the first Indian company to achieve a market capitalisation of USD 200 billion on the back of its new commerce venture and fixed broadband business.
(With PTI inputs)
Posted By: Aalok Sensharma