The Mukesh Ambani-led company is now valued at $139.9 bn, compared with its British energy partner BP which boasts of $127.4-bn m-cap
The market capitalisation of Reliance Industries crossed Rs 10 lakh crore on Thursday. This is yet another milestone for the country’s most valuable company as it is the first time that an Indian company’s market cap has gone past this number. On Thursday’s close, the market capitalisation of RIL stood at 10.02 lakh crore, which is about 14% of the Sensex’ market cap. While the stock of RIL rallied 40.9% so far in 2019 to eclipse its earlier records, the Sensex gained 14.03% since January.
The Mukesh Ambani-led company is now valued at $139.9 billion, compared with its British energy partner BP which boasts of a market capitalisation of $127.4 billion. The company now ranked the sixth largest energy in the world.
Analysts believe the monetisation of its telecom and retail businesses are powering the stock ahead. The company, which announced its plans to hike tariffs last week, has been gaining market share ever since its debut in September 2016. RIL’s proposed stake sale to Aramco has made the counter more attractive as the company aims to become a zero net debt company by FY21.
Mustafa Nadeem, CEO, Epic Research, said that RIL has been the biggest contributor to the benchmark’s rally. Experts believe this is more of a value play and investors interest has risen since it has also been outperforming the benchmarks.
The rally in RIL stock has also propelled Mukesh Ambani’s net worth to $60.7 billion, an increase of $16.4 billion so far in 2019, according to the Bloomberg Billionaires Index. At the end of September, the promoter group held 50.05% in the company.