New Delhi: Reliance Industries Limited (RIL) on Thursday reached a new benchmark as it became India’s first company to cross Rs 10 lakh crore in the market capitalization after attaining a 52-week high of Rs 1581.60 in the early trade on BSE.
Mukesh Ambani-led conglomerate RIL has been scoring high since its big-ticket announcement of aiming to be net debt-free by March 2022. While RIL gained nearly 40 per cent during the last year, the Nifty50 index advanced over 13 per cent.
Reliance is followed by TCS as the second most valued firm on bourses with a capitalization mark of Rs 7.81 lakh crore. It is followed by HDFC Bank, Hindustan Uniliver and others.
It must be noted that the rising shares of RIL have returned 7.5% to its investors in the last one month and more than 37% this year as a result of the company’s improved outlook on consumer businesses like telecom brand Reliance Jio and retail – Reliance Retail.
Notably, last week, RIL also entered the club of energy supermajors and became the sixth-largest oil company in the world surpassing British giant BP Plc, with a market value of $138 billion. The firm had announced selling a 20 per cent stake in its refining and petrochemical business to Saudi Aramco.
Further, the Ambani-led firm also made significant strides with its telecom service firm Reliance Jio triggering the rally of its shares. Following TRAI’s decision to initiate a consultation process, Ambani announced that Jio would be raising its voice and data tariffs soon.
Subsequently, Mukesh Ambani also became Asia’s richest person with a net worth of $56 billion, surpassing Alibaba Group’s founder Jack Ma.