Reliance Industries Becomes First Indian Company With Rs 13 Lakh Crore Market Value
The market capitalisation (m-cap) of Reliance Industries Limited (RIL) crossed the Rs 13 lakh crore mark in Thursday's trading session as the company's shares rose nearly 4 per cent in intra-day trading. The oil-to-telecom conglomerate's stock rose as much as 3.73 per cent to hit a fresh all-time high of Rs 2,078.90 per share. Consequently, the company's m-cap also went past the Rs 13 lakh crore landmark, becoming the first Indian company to achieve the landmark. At market closing, Reliance Industries' share price stood at Rs 2,060.65, up 2.82 per cent, while the m-cap was above Rs 13.06 lakh crore.
The company's achievement comes a day after its Chairman and Managing Director (CMD) Mukesh Ambani became the world's fifth richest person. On Wednesday, Mr Ambani surpassed ace American investor Warren Buffett to take the fifth spot on business magazine Forbes' real-time ranking of billionaires. At 4 pm on Thursday, Mr Ambani was holding on to the fifth spot, a notch below Facebook boss Mark Zuckerberg, with total wealth of $77.3 billion.
In a spell of deals over the last couple of months, Reliance Industries sold nearly 33 per cent stake in its digital services arm, Jio Platforms, to prominent investors including internet giants Facebook and Google. The company raised funds worth Rs 2,12,809 crore in less than three months through these deals and rights issue worth Rs 53,124 crore.
