On Thursday, shares of Reliance Industries Limited rose over 0.64 percent to hit an all-time high of Rs 1,581.60. With the new record high, RIL's market cap was above Rs 10.01 trillion. It is the first Indian company to cross the market capitalisation (market cap) of Rs 10 lakh crore (or Rs 10 trillion).
The stock has risen 41 percent in value in 2019, as against Sensex's 12 percent rise in the same period. Last week, it surpassed the market cap of Rs 9.5 lakh crore, while it had reached the milestone of Rs 9 lakh crore in October.
RIL is the most valued company on the Indian stock exchanges in terms of market cap, followed by Tata Consultancy Services, which has a market cap of Rs 7.81 lakh crore.
With the recent rally in the oil-to-telecom conglomerate's share price, promoter and chairman Mukesh Ambani's net worth was up by more than $60.7 billion, as of Wednesday, according to Bloomberg Billionaires Index.
The surge comes after an increase in target price from brokerages who believe that the conglomerate's consumer-facing businesses will drive up valuations for the stock.