Reliance Industries Led By Mukesh Ambani Creates History, Becomes The First Indian Company To Hit 9 Trillion Market Cap
Mumbai: Indian company Mukesh Ambani-led Reliance Industries Ltd (RIL) created a new benchmark on Friday, crossing the market capitalization of Rs 9 lakh crore for the first time. With this, RIL has become the most valuable Indian company in terms of market cap.
The company’s stock rose more than 2 per cent to touch a record high of Rs. 1,428. RIL had a market capitalization of Rs 9,00,317.35 crore around 11.50 am and RIL shares were trading at Rs 1,420, up to Rs 23.85, or 1.71 per cent from the previous closing level of Rs 1,393.15.
Tata Consultancy Services (TCS), Reliance’s closest rival, saw a market capitalization of Rs 7,69,989.34 crore, followed by HDFC Bank (Rs 670,496.82 crore).
The increase in market capitalization and share prices are announced on the first day of the company’s second-quarter results. The company expects to report a strong quarter for the July-September period.
Bank of America Merrill Lynch (BofA-ML) said in its recent report that RIL could become the first Indian company to achieve a market capitalization of $ 200 billion in the next 24 months.
In August 2018, RIL hit another milestone by becoming the first domestic firm to cross Rs 8 lakh crore in terms of market valuation.
Reliance Industries is India’s largest petrochemical and second-largest oil refining company making significant investments in telecom, consumer retail and media businesses.
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