Mumbai: In a first for an Indian company, Mukesh Ambani-led Reliance Industries Ltd (RIL) created a new benchmark on Friday by crossing the market capitalisation of Rs 9 lakh crore. With this, RIL has become the most valued Indian company in terms of market cap.

The company’s shares rose more than 2 per cent to touch a record high of Rs. 1,428. Around 11.50 a.m. RIL’s market capitalisation was at Rs 9,00,317.35 crore and the shares of RIL were trading at Rs 1,420, higher by Rs 23.85 or 1.71 per cent from the previous close of Rs 1,396.15.

Tata Consultancy Services (TCS), Reliance’s closest competitor clocked a market capitalisation of Rs 7,69,989.34 crore followed by HDFC Bank (Rs 670,496.82 crore).

The surge in market capitalization and share prices comes ahead of the company’s second quarter results to be announced later in the day. The company is expected to report a strong quarter for the July-September period.

In its recent report, Bank of America Merrill Lynch (BofA-ML) said RIL in the next 24 months can become the first Indian company to achieve a market capitalisation of $200 billion.

In August 2018, RIL had hit another milestone by becoming the first domestic firm to cross the Rs 8 lakh crore mark in terms of market valuation.

Reliance Industries is India’s largest petrochemical and second-largest oil refining company with significant investments in telecom, consumer retail and media businesses.

(With Agency inputs)