Billionaire Mukesh Ambani-led Reliance Industries reclaimed the top spot to become India's most valued company by market capitalization as the shares surged to record high levels following robust Q1 profits.
Billionaire Mukesh Ambani-led Reliance Industries reclaimed the top spot to become India’s most valued company by market capitalization as the shares surged to record high levels, extending gains following strong Q1 results. RIL shares soared to a a fresh record high on Tuesday to Rs 1,178.05 on BSE this afternoon, helping the oil-telecom conglomerate to topple TCS to recalim the numero uno position. The company commands a market capitalisation of Rs 7.47 lakh crore, while India’s largest IT firm by revenue TCS slipped to the second spot with a market capitalisation of Rs 7.39 lakh crore.
In April this year, IT bellwether TCS scripted history by becoming the first $100 billion IT company, even as TCS shares soared to an all-time high levels buoyed by strong Q4 results. The IT behemoth overtook RIL, making it the most valued Indian company. Notably, RIL was the first to reach the $100 billion market cap way back in 2007. The centibillionaire firm had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.
In July, RIL achieved yet another feat, by topping the Rs 7 lakh crore mcap. Interestingly, last year has been stupendous for the company as in 2017 alone RIL has added more than Rs 2 lakh crore to its market capitalisation. On February 27th last year, RIL crossed the 4 lakh crore market capitalisation. Now, the market capitalisation has nearly doubled to just under Rs 7.5 lakh crore.
Noting the rise of the company Mukesh Ambani said recenlty that the company started with just Rs 1,000 and a single employee. “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 this year.
While the share prices have peaked, and trade at fresh all-time high levels on Tuesday, Ambani recently observed its journey. “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 a recent event.