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Billionaire Mukesh Ambani-led Reliance Industries' shares shares hit a record high on Tuesday, cementing the conglomerate's position as the country's most valuable company. With that, Reliance Industries' market capitalisation rose to near Rs 17.5 lakh crore.
On BSE, Reliance Industries shares rose as much as 1.4 percent to hit an all-time high of Rs 2,592 apiece in afternoon deals. On NSE, the RIL stock rose to a record Rs 2,592.6 apiece.
Reliance shares were the biggest contributor to the gains in equity benchmark Sensex and Nifty50 during the session.
The Reliance Industries stock has broken a series of records in the recent past.
The latest record high in RIL shares came after foreign brokerage Morgan Stanley raised its target price on the stock to Rs 2,925. It has an 'overweight' rating on the stock.
Morgan Stanley said silicon and hydrogen are expected to emerge as the next decade’s "new oil" for Reliance Industries. It is an opportunity with the potential of $60 billion in terms of value creation if everything falls into place by 2025, the brokerage added.
Last month, Reliance Industries Chairman Mukesh Ambani said his group had started developing the green energy complex in Jamnagar with an investment of Rs 75,000 crore. “The complex will have four giga factories,” he said in his keynote address to the International Climate Summit 2021.
Reliance Industries will create or enable at least 100 GW out of 450 GW renewable target of India by 2030, he said, calling climate change a global problem. (Read more on what Mukesh Ambani said)
Reliance Industries is the largest Indian company by market value, followed by Tata Consultancy Services (TCS), HDFC Bank and Infosys.
Here are India's largest companies by market value: