Mukesh Ambani’s RIL Hits Record High M-Cap Near Rs 14 Lakh Crore https://ift.tt/eA8V8J

At the day’s highest level, Reliance Industries’ market value touched Rs 13.94 lakh crore

Billionaire Mukesh Ambani-led Reliance Industries’ shares climbed up more than 2 per cent on Monday to scale a new record high, which brought the oil-to-telecom conglomerate’s market capitalisation – or market value – closer to the Rs 14 lakh-crore mark. On the BSE, Reliance Industries Limited (RIL) shares rose as much as�2.45 per cent to Rs 2,198.70 in morning deals. At this level, the market capitalisation (M-Cap) of Mukesh Ambani’s Reliance Industries touched the Rs 13.94 lakh crore mark for the first time ever.

(Also Read: Billionaire Mukesh Ambani’s Reliance Becomes World’s No. 2 Energy Company)

The further spike in shares helped Reliance industries retain its position as the country’s most valuable company. Currently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupee terms.

Reliance Industries is far ahead of the country’s largest software company, Tata Consultancy Services (TCS), which has a market capitalisation of Rs 8.27 lakh crore, and the country’s largest lender HDFC Bank (Rs 6.05 lakh crore) – both calculated at Monday’s intraday highs.  

The Reliance Industries stock has broken a series of records in the past few days.  

The RIL stock ended the session with a gain of 0.45 per cent at Rs 2,155.85 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index which declined 0.51 per cent. At this level, Reliance Industries’ market value stood at Rs 13.67 lakh crore. 

Reliance Industries has raised more than Rs 1.5 lakh crore since late April by selling a nearly 33 per cent stake in its digital arm, Jio Platforms, to investors including Facebook and Alphabet’s Google.

Reliance sold a nearly 33 per cent stake in its digital services arm, Jio Platforms, to prominent investors including internet giants Facebook and Google.

Those investments along with its partnership with global oil major BP and a rights issue worth Rs 53,000 crore helped Reliance Industries become net debt-free last month, much ahead of its target of March 2021. (Also Read: â€œReliance In Golden Decadeâ€, Says Mukesh Ambani)

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