Reliance Industries, the country's most valued firm, has become the first Indian company to hit Rs 10 lakh crore market capitalisation following a spike in its share price on Thursday.
#BREAKING | #CNBCTV18Market | Reliance becomes the first Indian company to hit market cap of Rs 10 lakh cr. In the last 5 years, company has added Rs 7 lakh cr to its market cap pic.twitter.com/AipecCvZuC
— CNBC-TV18 (@CNBCTV18Live) November 28, 2019
At market close, Mukesh Ambani-led company's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE. The stock rose 0.65 percent to close at Rs 1,579.95 on BSE. During the day, it jumped 0.90 percent to an all-time high of Rs 1,584.
At the NSE, it gained 0.77 percent to close at Rs 1,582.
"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," according to Ajit Mishra, VP Research, Religare Broking.
The company is still ahead of British energy major BP Plc in terms of market valuation. Its m-cap was at $131 billion in pre-market trade at NYSE.
On the volume front, 2.73 lakh shares of the company were traded on the BSE and over 62 lakh shares on the NSE during the day.
Reliance Industries' stock value has risen 39 percent in the last one year and to 40 percent in 2019 alone
After RIL's share value touched record high on Thursday, Ambani's net worth has now gone past $60 billion, which makes him Asia's richest person above Alibaba Group's Jack Ma, whose net worth is $45 billion.
Over the past few session, the company's market valuation has been hovering near the Rs 10 lakh crore-mark.
"RIL today (Thursday) became the first Indian company to hit the Rs 10 lakh crore 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," said Mustafa Nadeem, CEO, Epic Research.
On Tuesday, the oil-to-telecom conglomerate's m-cap zoomed to Rs 9,99,045 crore ($139 billion) during the trade on the BSE. However, at close of trade it came down to Rs 9,88,179.79 crore (nearly $138 billion).
The company's stock rose 0.98 percent to a record peak of Rs 1,576 in intra-day on the BSE. Later it, however, closed marginally lower by 0.12 percent at Rs 1,558.85.
RIL last week achieved another milestone, becoming the first Indian firm to hit m-cap of Rs 9.5 lakh crore.
Also, last week the company surpassed BP Plc in terms of market valuation.
In October, RIL hit the Rs 9 lakh crore m-cap mark in intra-day trade, first by any listed company.
In August 2018, it became the first Indian firm to cross the Rs 8 lakh crore m-cap mark.
RIL's shares have increased at thrice the pace of India's benchmark index following an announcement by Asia's richest Indian to cut the company's net debt to zero in 18 months. Ambani said stake sale in the oil-to-chemicals business to Saudi Aramco would be one of the measures to this end.
TCS is the country's second most valued firm with a market valuation of Rs 7,68,075.63 crore followed by HDFC Bank with a m-cap of Rs 6,97,707.03 crore, Hindustan Unilever (Rs 4,46,211.06 crore) and HDFC (Rs 3,97,958.39 crore).
The m-cap figures of companies change daily with stock price movement.
— With inputs from agencies
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Updated Date: Nov 28, 2019 16:35:41 IST