Reliance Industries first Indian firm to cross market cap of Rs 8 lakh crore

Reliance Industries on Thursday became the first Indian company to cross Rs 8 lakh crore market capitalisation (approx. $114.13 billion).

The Mukesh Ambani-led oil-to-telecom conglomerate has added market cap of more than Rs 2 lakh crore in 2018 alone, while its shares surged nearly 37 percent this year.

RIL shares ended 1.86 percent higher in trade at Rs 1269.70 on the BSE. Intra-day, it touched a high of Rs 1,273.55 today.

Investors continue to repose faith in the company after data from the Telecom Regulatory Authority of India (Trai) showed a sharp rise in Reliance Jio subscribers, while rival and market leader Bharti Airtel's subscriber additions numbers slowed massively.

Reliance Jio has now launched the telco's broadband serice JioGigaFiber along with another budget-friendly smartphone Jio Phone 2.

Investors have been upbeat on the stock after the company's June quarter results showed promising financials in telecom and retail sectors along with continued performance in traditional revenue streams.

 

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