With a market value at Rs.13.67 lakh crore, shares of Reliance Industries hit record high
Reliance Industries helmed by Mukesh Ambani scaled up by 2 per cent on Monday setting a new record high market value of a whopping Rs 13.67 crore. Shares of Reliance Industries Limited (RIL) spiked by 2.45 per cent to Rs 2,198.70 in the morning deals on the BSE. The M-cap of the industry stood at Rs 13.94 lakh crore in a first.
The rise in shares aided RIL in maintaining their position of being the most valuable company in the nation. The industry is presently the only Indian company to hold a double digit lakh crore market value in terms of rupee.
Tata Consultancy Services(TCS), the nation’s biggest software industry has a market capitalisation of Rs 8.27 lakh crore and the country’s largest lender HDFC Bank’s market capitalisation stood at Rs 6.05 lakh crore as calculated on Monday.
Reliance Industries sold a 33 percent stake which was a part of Jio to big investors like Facebook and Google.
These well timed investments along with partnership with prominent oil giant BP along with a rights issue amounting to Rs 53000 crore led RIL to become net debt free much ahead of its set target.
Writer – Arunima SenGupta