The combined market capitalisation of Reliance Industries' (RIL) fully paid shares and partly paid shares crossed Rs 14 lakh crore on Friday. RIL is the first Indian company to hit Rs 14 lakh crore in market cap, 75 percent above the m-cap of the second most valued company, TCS.
At the time of writing this report, the fully paid Reliance Industries shares were trading 3.68 percent higher at Rs 2,136.55 per share with a market cap of Rs 13,52,765.53 crore. The stock hit an all-time high of Rs 2,149.70 earlier today. The stock has gone up 16 percent since its AGM on July 15.
The partly paid (PP) shares of the company traded at Rs 1,268.65, higher by 7.43 percent on the BSE. The market cap of PP shares was at Rs 53,537.97 crore, taking the combined market cap to Rs 14,06,303.5 crore.
On Thursday, RIL’s fully paid shares’ market cap hit Rs 13 lakh crore. The energy to digital conglomerate has seen its market cap rising to Rs 13 lakh crore from Rs 12 lakh crore in just 8 trading sessions.
It was also reported that Reliance Jio topped 4G speed chart with an average download speed of 16.5 megabits per second (mbps) in June, according to the data released by the Telecom Regulatory Authority Of India on its MySpeed portal.
The massive rally in RIL’s stock price comes on the back of investor optimism after the company became net-debt free. This was done by a Rs 53,124 crore rights issue and a slew of investments amounting to Rs 1,52,055.45 crore in its subsidiary Jio Platforms by leading global companies such as Google, Facebook, Qualcomm, Intel, PIF, L Catterton, Silver Lake, AIDA and others.
In the first-ever virtual AGM last week, RIL Chairman Mukesh Ambani also talked about the expansion of Reliance Retail and spinning off the oil-to-chemicals business into a separate subsidiary.
(Disclosure:
Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
First Published: Jul 24, 2020 1:22 PM IST
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