Mukesh Ambani’s RIL hits ₹10 lakh cr m-cap mark, Sensex on a high
Reliance Industries on Thursday (November 28) became the first Indian company to hit the ₹10 lakh crore market valuation mark following a spike in its share price.
At market close, the oil-to-telecom conglomerate’s market capitalisation (m-cap) zoomed to ₹10,01,555.42 crore on BSE.
The stock rose 0.65% to close at ₹1,579.95 on BSE. During the day, it jumped 0.90% to an all-time high of ₹1,584. At the NSE, it gained 0.77% to close at ₹1,582.
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“It was only a matter of time for business tycoon Mukesh Ambani’s company to test this milestone, considering the past investments made in consumer-facing sectors like telecom and retail. These investments have yielded fruitful results for the company and has been consistently increasing their share in the overall profits,” according to Ajit Mishra, VP Research, Religare Broking.
Since the past few sessions, the company’s market valuation has been hovering near the ₹10 lakh crore mark.
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On the volume front, 2.73 lakh shares of the company were traded on the BSE and over 62 lakh shares on the NSE during the day.
The company is still ahead of British energy major BP Plc in terms of market valuation. BP Plc’s m-cap was at $127.86 billion at close of trade on NYSE.
“RIL today (Thursday) became the first Indian company to hit the ₹10 lakh crore milestone in market capitalisation, after its shares rose to a record high. We will put two important factors that should be seen as a catalyst for this share. Firstly, the Reliance Jio disruption. Second is the stake sale to Aramco has further made its valuation going forward attractive since their aim to achieve the debt-free balance sheet is likely to be seen in FY20-21,” said Mustafa Nadeem, CEO, Epic Research.
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In October this year, Reliance Industries (RIL) hit the ₹9 lakh crore m-cap level. In August 2018, it became the first Indian company to have crossed the ₹8 lakh crore m-cap mark.
So far this year, the company’s scrip has zoomed nearly 41%, much higher than the 14% rise in Sensex so far in 2019.
TCS is the country’s second most valued firm with a market valuation of ₹7,79,501.64 crore, followed by HDFC Bank with a market cap of ₹6,92,853.48 crore, Hindustan Unilever (₹4,51,482.38 crore) and HDFC (₹3,98,994.81 crore).
The m-cap figures of companies change daily with stock price movement.
(With inputs from agencies)
