RELIANCE Industries Limited (RIL) on Thursday (28) became the first Indian company to hit the Rs 10 trillion or £108.22 billion market valuation mark following a spike in its share price.
At market close, the oil-to-telecom conglomerate’s market capitalisation (m-cap) zoomed to Rs 10015.5542bn on India’s Bombay Stock Exchange (BSE).
Mukesh Ambani led business conglomerate is still ahead of British energy major BP Plc in terms of market valuation. BP Plc’s m-cap was at $127.86bn at close of trade on NYSE.
The stock rose 0.65 per cent to close at Rs 1,579.95 on BSE. During the day, it jumped 0.90 per cent to an all-time high of Rs 1,584.
At the National Stock Exchange (NSE), the company gained 0.77 per cent to close at Rs 1,582.
Ajit Mishra, VP Research, Religare Broking said: “It was only a matter of time for business tycoon Mukesh Ambani’s company to test this milestone, considering the past investments made in consumer-facing sectors like telecom and retail. These investments have yielded fruitful results for the company and has been consistently increasing their share in the overall profits”.
Since the past few sessions, the company’s market valuation has been hovering near the Rs 10 trillion mark.
On the volume front, 273000 shares of the company were traded on the BSE and over 6200000 shares on the NSE during the day.
Mustafa Nadeem, CEO, Epic Research said: “RIL today (Thursday) became the first Indian company to hit the Rs 10 trillion milestone in market capitalisation, after its shares rose to a record high. We will put two important factors that should be seen as a catalyst for this share. Firstly, the Reliance Jio disruption. Second is the stake sale to Aramco has further made its valuation going forward attractive since their aim to achieve the debt-free balance sheet is likely to be seen in FY20-21”.
In October this year, RIL hit the Rs 9 trillion m-cap level.
In August 2018, it became the first Indian company to have crossed the Rs 8 trillion m-cap mark.
So far this year, the company’s scrip has zoomed nearly 41 per cent, much higher than the 14 per cent rise in Sensex so far in 2019.
The m-cap figures of companies change daily with stock price movement.
Tata Consultancy Services is the country’s second most valued firm with a market valuation of Rs 7795.0164bn.