Reliance Industries creates history, becomes first Indian company to hit Rs 9 lakh cr market valuation mark

Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 lakh crore market valuation mark in intra-day trade.

The company's market valuation zoomed to Rs 9,05,214 crore on the BSE during the day. However, at the close of trade, the company's market capitalisation (m-cap) settled at Rs 8,97,179.47 crore.

Shares of the country's most valued company rose by 1.37 percent to close at Rs 1,415.30 ahead of its earnings announcement. During the day, it spurted 2.28 percent to a record Rs 1,428.

In August 2018, Reliance Industries became the first domestic firm to cross the Rs 8 lakh crore mark in terms of market valuation.

TCS is the second most valuable company after RIL with a m-cap of Rs 7,71,996.87 crore, followed by HDFC Bank (Rs 6,72,466.30 crore), HUL (Rs 4,55,952.72 crore), HDFC (Rs 3,61,801.97 crore), Infosys (Rs 3,29,751.88 crore), Kotak Mahindra Bank (Rs 3,08,708.32 crore), ITC (Rs 3,02,861.98 crore), ICICI Bank (Rs 2,82,783.39 crore) and Bajaj Finance (Rs 2,39,947.60 crore) in the top-10 list.

The m-cap figure of companies changes daily with stock price movement.

Meanwhile, the company will announce its September quarter results later in the day.

RIL is likely to report decent profit growth in September quarter earnings when it unveils its report card on Friday, backed by better performance of the refining business, according to The Economic Times.

Brokerages expect RIL’s consolidated profit after tax to grow 6-12 percent on a year-on-year (YoY) basis, the report said.

(With PTI inputs)

(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)