Reliance Industries first Indian firm to breach Rs 8 lakh-cr market cap mark; stock hits 52-week high

New Delhi: Reliance Industries (RIL) on Thursday became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark while its stock hit a fresh 52-week high. The stock closed 1.86 percent higher at Rs 1,269.70 on the BSE. During the trading session, the scrip touched a 52-week high of Rs 1,273.55 The surge in the counter has pegged the company’s market valuation at Rs 8,04,691.40 crore at the end of Thursday’s session. [caption id=“attachment_4572901” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] According to market experts, the stock has been on an uptrend after the company announced aggressive business plans at its annual general meeting (AGM) last month, including the launch of its fibre-to-the-home service, GigaFiber. On 13 July, RIL’s market valuation had briefly surged past the Rs 7 lakh crore mark, making it the second company after IT bellwether Tata Consultancy Services (TCS) to achieve this milestone. On 12 July, it crossed the $100-billion market capitalisation mark for the first time in the last 10 years. Again on 20 July, Reliance Industries’ market capitalisation surged past Rs 7 lakh crore mark. TCS’ market valuation had in May surged past Rs 7 lakh crore. RIL is also the country’s most valued company in terms of market capitalisation. It is followed by TCS, which has a valuation of Rs 7,79,287.34 crore. The oil-to-telecom conglomerate was among the top gainers on the BSE Sensex, which closed at a fresh lifetime high of 38,336.76 on Thursday, up 51.01 points, or 0.13 percent. (Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)