Mukesh Ambani's Reliance Industries Ltd has finally crossed the m-cap of Rs 10 lakh crore.
Mukesh Ambani’s Reliance Industries Ltd has finally crossed the m-cap of Rs 10 lakh crore and has become the first company to pull off this feat. In just five years, the company has added Rs 7 lakh crore to its market cap. The company is now the most valued firm in terms of m-cap. RIL’s stock was trading at Rs 1,578 on Thursday morning and witnessed a 0.54% jump on BSE.
Early last week, Reliance Industries Ltd., surpassed BP Plc in terms of market valuation. In October, RIL had hit the Rs 9 lakh crore m-cap mark in intra-day trade, which was also the first achievement by any listed company. In August 2018, RIL became the first Indian firm to cross the Rs 8 lakh crore m-cap mark.
RIL’s telecom arm Reliance Jio recently announced its decision to hike tariffs which may have spurred buyers’ interest in the stock. RIL has also said that the group aims to monetize its assets and repay its debt so that Reliance Industries Ltd., becomes a zero-debt company by March 2021. The monetization plan includes selling a 20% stake in RIL’s chemicals and refining business to Saudi Aramco in a deal which is pegged at $15 billion.
Meanwhile, Sensex and Nifty opened at an all-time high today. Sensex jumped 141 points to 41,161.54 and Nifty at 12,132. Nifty Bank has also hit 32,000 for the first time. Stocks such as Bharti Infratel, Cipla, UPL, JSW Steel and TCS were the top gainers and Bharti Infratel witnessed a jump of 2.75%. Further, ZEE Entertainment Enterprises Ltd., Vedanta, Hindalco, Hero Motocorp and Tata Motors lost the most and ZEE Entertainment Ent was down by 1.49%.
Sensex surged 199.31 points to close at lifetime of high of 41,020.61, on Wednesday, while Nifty gained 63 points to record 12,100.70. Yes Bank was the biggest gainer in the Sensex lot, followed by SBI, Maruti, Sun Pharma and HUL. On the other hand, L&T was the top loser, followed by ITC, Tata Steel, NTPC and Axis Bank.