Reliance Industries Mcap Climbs To Rs 19.59 Lakh Crore After Shares Zoom 7 Per Cent

Reliance stock zoomed 6.86 per cent to settle at Rs 2,896.15 apiece on the BSE, while on the NSE, it jumped 6.79 per cent to Rs 2,890.10

In three days, shares of RIL, country's most-valued company by market valuation, zoomed 9 per cent.

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Mukesh Ambani-led Reliance Industries' (RIL's) market valuation crossed Rs 19.59-lakh crore mark on Monday after it shares witnessed heavy demand, saoring nearly 7 per cent. Rallying for the third day running, the blue-chip stock zoomed 6.86 per cent to settle at Rs 2,896.15 apiece on the BSE. During the day, it jumped 7.18 per cent to reach an all-time peak of Rs 2,905. On the NSE, it jumped 6.79 per cent to Rs 2,890.10. During the day, it surged 7.34 per cent to reach a record high of Rs 2,905.

RIL's market capitalisation (Mcap) zoomed to Rs 19,59 lakh crore. Its market valuation jumped by Rs 1,25,591.68 crore in a single day.

In three days, shares of the country's most-valued company by market valuation zoomed 9 per cent. In volume terms, 8.24 lakh shares of the company were traded on the BSE and over 1.19 crore shares on the NSE during the day. So far this month, the stock has rallied 12 per cent.

According to a report by Bloomberg, the RIL stock gained after Walt Disney's India unit faces a significant erosion in valuation, possibly half, in the run-up to its proposed merger with Mukesh Ambani’s media business. After negotiations, Disney's India assets are now valued at around $4.5 billion, compared to its earlier demand for $10 billion, the report said. The combined entity aims for an $11 billion valuation, with Disney holding a 40 per cent stake. RIL will own 51 per cent, and the deal is set to be finalised in February, Bloomberg said. The collapse of the $10 billion merger between Sony and Zee Entertainment removes a potential major competitor, the report added.

The sharp rally in the heavyweight stock also fuelled a rally in the equity market. The 30-share BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57, and the Nifty climbed 385 points or 1.80 per cent to 21,737.60.