RIL Shoots Past ₹10 Lakh Cr M-Cap

First Indian company to hit watershed

Billionaire Mukesh Ambani-led Reliance Industries (RIL) on Thursday became the first Indian company to amass a market capitalisation (mcap) of a phenomenal Rs 10 lakh crore, after its stock surged to a new high of Rs 1,584 per share on the Bombay Stock Exchange (BSE).

The country’s richest man’s oil-to-telecom conglomerate hit Rs 10,02,380 crore ($139.8 billion) mcap during Thursday’s trade after hovering around the milestone for the past few sessions. The stock closed at Rs 1,580 on the BSE, up 0.65 per cent. On the NSE, too, it ended the day at a similar price of Rs 1,582, up 0.77 per cent.

The valuation surge keeps RIL ahead of British energy giant BP, which is buying 49 per cent stake in Reliance’s fuel retail business for Rs 7,000 crore. BP’s m-cap was $127.86 billion at the close of trade on New York Stock Exchange.

Tata Consultancy Services is the country’s second most valued firm with a market valuation of Rs 7,79,501.64 crore, followed by HDFC Bank with Rs 6,92,853.48 crore m-cap.