Reliance Industries Becomes First Indian Company To Cross Rs 14 Lakh Crore Market Valuation

On Friday, the market valuation of Reliance Industries Limited (RIL) crossed Rs 14 lakh crore mark as its share price rallied more than 4 percent to hit a new all-time high of Rs 2,149.70 on BSE. This took its market valuation to Rs 13,54,033.41 crore in the late morning trade.

The company's partly paid-up shares listed separately have a market capitalisation of Rs 53,821 crore. The combined market capitalisation of Reliance Industries now stands at Rs 14,07,854.41 crore.

ReliancePP-the partly paid-up shares issued in the recently concluded rights issue- had listed on the stock exchanges on 15 June 2020.

RIL is now the country's most valuable listed company, followed by TCS (Tata Consultancy Services) at a market capitalisation of Rs 8,07,419.38 crore and HDFC Bank at Rs 6,11,095.46 crore.

Shares of the company gained amid reports that Amazon was eyeing a stake in the conglomerate's retail arm.

Also, after several promising announcements at its annual general meeting held virtually on 15 July, multiple deals from foreign investors, debt-free status and a strong growth outlook, brokerages have turned bullish on the stock.

The stock has surged over 60 percent in the last three months, largely after it signed deals with 14 foreign investors to sell over 25 percent stake in the conglomerate's digital arm Jio Platforms.

These investors have now acquired close to 33 percent stake in Jio Platforms through their investments with Facebook Inc purchasing the biggest chunk of 9.9 percent, followed by Google, that has agreed to invest Rs 33,737 crore for 7.7 percent stake.