Reliance Industries Becomes First Indian Company To Cross Rs 19-Lakh Crore Market Cap

The stock of the company jumped 1.85 per cent to its record high of Rs 2,827.10, up 2 per cent on the BSE

During the last one week, Reliance’s stock price has gained 11 per cent from Rs 2,544. Image: Getty ( Image Source :Reliance Industries Getty )

New Delhi: Mukesh Ambani-led Reliance Industries (RIL) on Wednesday crossed Rs 19-lakh crore market capitalisation (M-cap) after the stock hit a record on Wednesday.

The stock of the company jumped 1.85 per cent to its record high of Rs 2,827.10, up 2 per cent on the BSE.

Reliance Industries became the first Indian firm to touch the Rs 19-lakh crore m-cap mark.

Following the gain in the stock price, RIL’s market valuation surged to Rs 19,12,814 crore in the morning trade on the BSE.

The company's market valuation had gone past Rs 18 lakh crore in March this year, while in October last year, the company's market valuation went past Rs 17-lakh crore mark.

According to the BSE data, the m-cap of Reliance stood at Rs 19.02 lakh crore at 09:33 am, with the stock up 1.3 per cent at Rs 2,811.85.

During the last one week, Reliance’s stock price has gained 11 per cent from Rs 2,544 on April 18.

The stock has rallied 20 per cent, as compared to 0.42 per cent decline in the S&P BSE Sensex in the past three months.

Santosh Meena, head of research, Swastika Investmart, told the PTI, Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in oil and gas prices.

"Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business, which is opening more opportunities for the company," Meena said.

Meanwhile, Mukesh Ambani signed a formal shareholding agreement for the $2 billion TA’ZIZ chemical joint venture (JV) in the UAE. The company inked a pact to tie up with Abu Dhabi National Oil Company (ADNOC) in finding and producing conventional and unconventional resources.

According to reports, this JV is expected to unlock new revenue streams for RIL as well as the ADNOC and ADQ, an Abu Dhabi-based investment and holding firm.