Mukesh Ambani’s RIL becomes India’s first Rs 8 lakh crore company, gains Rs 15,000 crore in m-cap today

Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Thursday became India’s first Rs 8 lakh crore company according to the stock market value or the market capitalisation. The oil-to-textile-to-telecom conglomerate Reliance Industries has achieved this iconic feat within a time span of one-and-half-months after hitting a market capitalisation of Rs 7 lakh crore. RIL shares have been broadly rising since late-June 2018 and have emerged as the biggest gainers among all the blue-chip components of BSE Sensex index.

Reliance Industries added about Rs 15,527 crore in the market capitalisation today to register itself as the first Indian company with a stock market value of Rs 8 lakh crore or more. Following the steep and sustained rally in RIL shares, Reliance Industries hit a market capitalisation of Rs 8 lakh crore for the first time ever in the stock market trading history at around 1:41 am in the afternoon. India’s richest person Mukesh Ambani-led Reliance Industries is now the only Indian firm with a m-cap of Rs 8 lakh crore or more.

RIL share price zoomed as much as 2.17% to hit an all-time high of Rs 1,273.55 on BSE today. At the day’s high share price, RIL held a market capitalisation of Rs 8.07 lakh crore on Bombay Stock Exchange, India’s largest stock exchange by the number of listed companies. Reliance Industries share price on NSE touched an all-time peak of Rs 1,274, up 2.15% from the previous closing of Rs 1,247.2. Earlier on Tuesday this week, Reliance Industries concluded at a market capitalisation of Rs 7.89 crore.

Notably, Reliance Industries shares also registered third-highest turnover on National Stock Exchange on Thursday, India’s largest stock exchange by trading volumes. As at 2:29 pm, about Rs 801 crore worth of equity shares exchanged hands on NSE itself while on BSE the trading turnover stood at Rs 35 crore.

Earlier in November last year, Reliance Industries climbed the market capitalisation of Rs 6 lakh crore which it reclaimed in January this year following the Q3 FY18 results. In January 2018, a sharp upmove was seen in RIL shares after Mukesh Ambani’s disruptive telecom venture Reliance Jio Infocomm Ltd turned profitable within one-and-half-year of its launch. Surprisingly, Reliance Industries has been reporting record quarterly profits since the October-December period of the financial year 2017-2018. Recently in July, Reliance Industries reported an all-time high quarterly profit at Rs 9,459 crore.

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