Shares of oil-to-telecom conglomerate Reliance Industries Ltd (RIL) gained to scale a record high in Friday's trade amid a rally in the Indian benchmark equity indices. The RIL stock rose a percent to hit an intra-day high of ₹2,988.80 apiece against its previous close of ₹2,962.2 on NSE. The market cap of the company is now near $250 billion (approx ₹20.72 lakh crore).
The market capitalisation of Reliance Industries crossed the ₹20 lakh crore mark on February 13, 2024. With this, the Mukesh Ambani-owned conglomerate also became the first Indian company to hit a market capitalisation of ₹20 lakh crore.
The RIL stock is up 15% so far in 2024 and gained 25% in the last one year. Reliance shares have risen nearly 50% from its 52-week low of 2012.14, hit on March 20, 2023.
On the charts, the 14-day relative strength index (RSI) of the Reliance Industries stock stood at 65.8, indicating it was neither trading in the oversold nor overbought zone.
The counter has seen a very low volatility in one year with a beta of 0.5.
RIL shares are trading higher than the 10-, 20-, 30-, 50-, 100-, 150- and 200-day moving averages, signalling the stock is trading in a bullish zone.
JFSL zooms 14% today
Meanwhile, Jio Financial Services Ltd (JFSL) has joined the elite group of companies with a market capitalisation of ₹2 lakh crore. The stock rallied 14% to hit a record high of ₹347 on the NSE during today's intra-day trading, backed by heavy volumes.
In the past five trading sessions, the non-banking finance company (NBFC) stock has outperformed the market by zooming 20% against a 1% gain in the S&P BSE Sensex.
Earlier this month, Jio Financial clarified that it has not been in any negotiations to acquire Paytm's wallet business. "We have always made and will continue to make disclosures in compliance with our obligations," the Mukesh Ambani-led financial services provider said in its statement to the exchanges.
In January, Jio Financial Services and BlackRock Financial Management filed papers with the capital market regulator, the Securities and Exchange Board of India (SEBI), to launch a mutual fund business in India.
Jio Financial Services was listed on the stock exchange on August 21, 2023, at ₹262 per share. Since its listing, the stock has gained more than 30%.
First Published: Feb 23, 2024 11:48 AM IST
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