Oil-to-telecom conglomerate Reliance Industries, on Thursday, became the first Indian company to hit Rs 10 lakh crore market cap, making it the most valued Indian company in terms of market capitalisation. RIL shares rose as much as 0.7 percent intraday today to touch a new 52-week high of Rs 1,581.25 per share on the BSE, pushing the company's market cap to over Rs 10 lakh crore.
At 10.22 pm, RIL's stock price was trading 0.4 percent higher at Rs 1,576.65 with the market cap of Rs 10.01 lakh crore. The stock has risen 39 percent in the last 1 year and 40 percent just in 2019.
Last week, the Mukesh Ambani-led oil-to-telecom-retail conglomerate became the first Indian firm to cross a market capitalisation of Rs 9.5 lakh crore.
The stock has been on a high since RIL and Saudi Aramco signed a nonbinding letter of intent under which Saudi Aramco will buy a 20 percent stake in RIL's oil-to-chemical business at an enterprise value of $75 billion. The sentiment was also lifted after Reliance Jio said that it will increase tariffs in the next few weeks, in a bid to strengthen the financially stressed industry.
Disclosure
: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: Phase 5 voting concludes with over 57% voter turnout, experts weigh in on key battles
May 20, 2024 11:07 PM
BJP holds meeting in Delhi as polling underway for 5th phase
May 20, 2024 4:21 PM
UP Police arrests man after viral videos shows him voting multiple times
May 20, 2024 2:18 PM