Shares of billionaire Mukesh Ambani-led Reliance Industries touched a fresh record high on Friday, propelling the firm’s market capitalisation to hit the crucial Rs 9 lakh crore mark. The rally in shares came ahead of the Q2 results scheduled to be reported today. Reliance Industries shares jumped by more than 2% to hit the day’s high at Rs 1,428. Reliance Industries market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation. IT giant TCS comes at a distant second with its market capitalisation at Rs 7.67 lakh crore. Reliance Industries Ltd (RIL) is expected to report strong earnings in the September quarter on the back of a recovery in refining margins which is likely to offset weakness in petrochemicals, retail, and telecom operations.
Mukesh Ambani the chairman of Reliance Industries has often shared the success story of the oil-telecom conglomerate, charting the behemoth’s growth to become one of India’s most valued company by market capitalisation. Commanding a whopping market capitalisation of 9 lakh crore, the company was started with a meager Rs 1,000 and just one employee just about half a century ago.
“My father founded Reliance in 1966 with one just employee and with a meagre capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime,” Mukesh Ambani said at Financial Times ArcelorMittal Boldness in Business Awards in March-18.
The stocks’ stellar run since its inception has multiplied investor wealth many times over. “It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Mukesh Ambani noted.
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