Reliance Industries Ltd Hit Record High, Reclaims $100 Billion Market Cap

Mukesh Ambani's Reliance Industries Limited (RIL) hit record high at Rs 1,055.50 per share after surged by 1.6 percent. It has been the best performer in BSE Sensex today.

The oil-to-telecom conglomerate reclaimed its $100 billion market capitalization position once again for the first time since January 2008. As per Bloomberg's data, the trading volume of the shares of RIL has been five times higher its 30-day average, rising for the fifth session to make it its longest winning streak in over a month. Its last five gains have accounted for a nearly 10 percent gain in share price.

The share price has been rallying since the company's AGM on July 5, last week.

Last week, MD and Chairman Mukesh Ambani announced in the company's annual general meeting the launch of its much-awaited wired broadband service-JioGigaFiber. He also said that the customer base of its telecom arm Reliance Jio grew from 124 million to 215 million since the last AGM.

Aided by RIL, the BSE Sensex hit a fresh record high of 36,545.20 and NSE Nifty reclaimed the 11,000-mark for the first time since February 1, 2018.