The Mukesh Ambani-controlled Reliance Industries Ltd (RIL) took the benchmark equity indices Sensex and Nifty to new all-time highs on Wednesday as the oil-to-textile-to-telecom conglomerate added over Rs 12,000 in stock market value.
The Mukesh Ambani-controlled Reliance Industries Ltd (RIL) took the benchmark equity indices Sensex and Nifty to new all-time highs on Wednesday as the oil-to-textile-to-telecom conglomerate added over Rs 12,000 in stock market value. Reliance Industries shares price too hit a fresh all-time high today and was the biggest positive points contributor to Sensex and Nifty. Reliance Industries, India’s second-largest enterprise by turnover and now the largest company by market capitalisation or stock market value, has been one of the top performers among the blue-chip shares such as TCS, HDFC Bank, ITC, HDFC, Kotak Mahindra Bank in CY 2018 so far.
Reliance Industries, the diversified conglomerate led by India’s richest and fourteenth-richest person in the world Mukesh Ambani, has posted record-high net profits for three consecutive quarters beginning from Q3 Fy18 to Q4 FY18 to Q1 FY19.
Shares of Reliance Industries were among the top five gainers amid the components of Sensex and Nifty on Wednesday and were the biggest contributors to Sensex and Nifty indices. According to the data available with BSE, Reliance Industries alone added about 65 points (largest pointwise contributor on Wednesday) to the S&P BSE Sensex index. Other stocks which also contributed considerable positive points to Sensex are HDFC Bank, HDFC, Kotak Mahindra Bank, HUL and ICICI Bank.
The stock of Reliance Industries surged as much as 1.76% to an all-time high of Rs 1,205 (share price adjusted with corporate actions) on NSE while the stock zoomed about 1.7% to a lifetime peak of Rs 1,203.65 on BSE. Following the gains in share prices, Reliance Industries added about Rs 12,612 crore in the market capitalisation. At the all-time high share price of Rs 1,203.65, Reliance Industries commands a stock market value of Rs 7.62 lakh crore on BSE vs a market capitalisation of Rs 7.5 lakh crore as on Tuesday’s closing.
Meanwhile, the benchmark Sensex advanced as much as 220 points to hit a fresh all-time high at 37,885.77 while the broader Nifty 50 soared 59.9 points to mark a new all-time high at 11,449.35 on Wednesday.
Earlier this year in January, Mukesh Ambani’s disruptive telecom company Reliance Jio Infocomm posted its first-ever profit of Rs 504 crore beating India’s telecom giant Bharti Airtel which reported a profit of Rs 306 crore in the corresponding period. Recently last month, Reliance Industries posted an all-time high quarterly net profit of Rs 9,459 crore for the April-June period of FY19 whereas Reliance Jio Infocomm’s profit after tax came in at Rs 612 crore for the reporting period.