Shares of Reliance Industries have added a feather in its cap by reaching a market cap of over Rs 9.5 lakh crore, the first Indian company to do so. In trade today, the stock jumped over 3 percent to scale to an all-time high of Rs 1,511.45 on the NSE.
The oil to telecom conglomerate in October announced that it will create a subsidiary company for bringing all the digital initiatives together with apps under one roof, with an investment of Rs. 1.08 lakh crore.
The largest digital platform would be set up that would spearhead on technological fronts in area including education and healthcare and other next-generation advancements such as blockchain, artificial intelligence, augmented and virtual reality among others.
RIL's restructuring of telecom/ digital business raises focus on asset monetisation and debt reduction, Morgan Stanley said.
Further, as per the foreign firm Merrill Lynch RIL has the potential to reach a market cap of $200 billion by 2022.