Shares of billionaire Mukesh Ambani-led Reliance Industries touched a fresh record high on Monday, propelling the firm’s market capitalisation to reach near the Rs 9 lakh crore mark.
Shares of billionaire Mukesh Ambani-led Reliance Industries touched a fresh record high on Monday, propelling the firm’s market capitalisation to reach near the Rs 9 lakh crore mark. Reliance Industries shares jumped by more than 3.18% to hit the day’s high at Rs 1,406.05. At the day’s close Reliance Industries market capitalisation stood at Rs 8.82 lakh crore, making it India’s most valuable firm by mcap. RIL shares closed 2.1% higher at Rs 1,391.55.
IT giant TCS comes at a distant second with its market capitalisation at Rs 7.62 lakh crore. Interestingly, the rally in the shares has also helped the Sensex to hit a fresh record high, and surge past the crucial 39,000-mark. According to data from BSE, RIL emerged as the top contributor to Sensex rally, with the firm’s shares accounting for 90 point gain in the index.
Earlier, in August 2018, RIL zoomed past the Rs 8 lakh crore mark. The financial year 2018-19 has been stellar for RIL, and the share price has recorded a surge of nearly 56%. Sharing RIL journey from the beginning, Mukesh Ambani noted that the firm started with a meagre capital of Rs 1,000. “My father founded Reliance in 1966 with one just employee and with a meagre capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime,” Mukesh Ambani said at the Financial Times ArcelorMittal Boldness in Business Awards in March-18.
Taking stock of the gains of RIL shareholders since its inception, Mukesh Ambani recently said that the shares have doubled investor wealth in nearly every 3 years. “It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Mukesh Ambani said at the event.