Market

RIL becomes first Indian company to hit Rs 10 lakh crore market cap

Updated : November 28, 2019 12:29 PM IST

Reliance Industries, on Thursday, became the first Indian company to hit Rs 10 lakh crore market cap, making it the most valued Indian company in terms of market capitalisation.

In intra-day deals, Reliance Industries rose as much as 0.7 percent to touch a new 52-week high of Rs 1581.25, pushing the company's market cap over Rs 10 lakh crore.

Oil-to-telecom conglomerate Reliance Industries, on Thursday, became the first Indian company to hit Rs 10 lakh crore market cap, making it the most valued Indian company in terms of market capitalisation. RIL shares rose as much as 0.7 percent intraday today to touch a new 52-week high of Rs 1,581.25 per share on the BSE, pushing the company's market cap to over Rs 10 lakh crore.

At 10.22 pm, RIL's stock price was trading 0.4 percent higher at Rs 1,576.65 with the market cap of Rs 10.01 lakh crore. The stock has risen 39 percent in the last 1 year and 40 percent just in 2019.

Last week, the Mukesh Ambani-led oil-to-telecom-retail conglomerate became the first Indian firm to cross a market capitalisation of Rs 9.5 lakh crore.

The stock has been on a high since RIL and Saudi Aramco signed a nonbinding letter of intent under which Saudi Aramco will buy a 20 percent stake in RIL's oil-to-chemical business at an enterprise value of $75 billion. The sentiment was also lifted after Reliance Jio said that it will increase tariffs in the next few weeks, in a bid to strengthen the financially stressed industry.

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