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Reliance Industries Ltd Becomes First Indian Company to Cross Rs 8 Trillion in Market Cap
Reliance Industries Limited becomes the first Indian company to cross Rs 8 trillion in market capitalization on Thursday as its share price rose to a record high of Rs 1,262.50 apiece. The new high marked the company's market cap at Rs 8.01 lakh crore.
RIL's share price rose following the release of TRAI's (Telecom Regulatory Authority of India) data this week that showed that its telecom arm Reliance Jio continued to add subscribers at a successful rate. Its shares have risen by 37 percent this year up till now.
The launch of its new product JioFiber is awaited. The broadband service along with a smart home solution has made investors hopeful of a further rise in the company's revenue. Jio has already shown its strong growth momentum after it shook the telecom industry with its unlimited calling and mobile data services at dirt cheap rates.
The company that earlier had a strong hold in the petrochemical sector showed gradual improvement in its telecom and retail business in June quarter results.
