Reliance Industries Becomes World's 2nd Most Valuable Energy Firm

After its market cap scaled to a record high of Rs 14 lakh crore, Reliance Industries Limited (RIL) has overtaken Exxon Mobil Corporation to become the world's second most valuable energy company.

The Indian oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data.

On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position.

The Rs 13.6 lakh crore m-cap of Reliance together with Rs 54,262 crore m-cap of its partly-paid shares that were issued in the recent rights issue and are traded separately, puts the company's combined market value at Rs 14.1 lakh crore or $189.3 billion.

RIL is the first Indian company to cross the market cap of Rs 14 lakh crore and Friday's surge was enough to race past US-based ExxonMobil which has an m-cap of $184.7 billion.

Globally, Saudi Aramco has the highest market cap of $1.75 trillion, followed by Apple ($1.6 trillion), Microsoft ($1.5 trillion), Amazon ($1.48 trillion), and Alphabet ($1.03 trillion).

Among energy companies, Aramco tops in the list in global valuation, now followed by Reliance.

No Indian company has ever crossed an m-cap of Rs 14 lakh crore.

Reliance has also surpassed valuation of Chevron which has an m-cap of about $169 billion as well as likes of Oracle, Unilever, Bank of China, BHP Group, Royal Dutch Shell and SoftBank Group.

In Asia, Reliance is the 10th largest in market cap.

The Mukesh Ambani led company is now just below PepsiCo which has a market cap of $189.8 billion.