Shares of billionaire Mukesh Ambani-led Reliance Industries soared to a fresh record high on Tuesday, making the oil-telecom conglomerate the first ever firm to cross Rs 9.5 lakh crore market capitalisation.
Shares of billionaire Mukesh Ambani-led Reliance Industries soared to a fresh record high on Tuesday, making the oil-telecom conglomerate the first ever firm to cross Rs 9.5 lakh crore market capitalisation. Reliance Industries shares soared more than 3.4% to hit the day’s high at Rs 1,508.45 on BSE. Given the sharp rise in the stock, the market capitlisation of Reliance Industries has now swollen to Rs 9.54 lakh crore, taking the firm closer to the landmark Rs 10 lakh crore figure.
At such a value, Reliance Industries remains India’s most valued company in terms of market capitalisation. IT giant TCS comes at a distant second with a market value of Rs 7.91 lakh crore. Interestingly, HDFC Bank has joined the top three recently, with its mcap crossing the landmark figure of Rs 7 lakh crore. Reliance Industries shares have returned a whopping 35% in the year so far.
Mukesh Ambani, the chairman of Reliance Industries has often shared the success story of the oil-telecom conglomerate, charting the behemoth’s growth over the year. The Rs 9.5 lakh crore value firm was started with a meager Rs 1,000 and just one employee just about half a century ago. “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 Financial Times ArcelorMittal Boldness in Business Awards in March-18.
The stocks’ stellar rise since its inception has multiplied investor wealth many times over. “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 noted at the same event.