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RIL enters club of world's 50 most valued companies, ranks 48

After steep losses in the first two months of the market rout, the next two months saw a surge in his fortune on the back of deals worth crores struck by RIL in selling stakes in its telecom arm Jio

twitter-logoBusinessToday.In | July 23, 2020 | Updated 18:39 IST
RIL enters club of world's 50 most valued companies, ranks 48

Reliance Industries Limited (RIL) has entered the club of 50 most valued companies worldwide after it became the first Indian company with market capitalisation of over Rs 13 lakh crore. Chairman Mukesh Ambani backed company is ranked 48th in market cap globally, according to the latest stock market data. Saudi Aramco is the firm with the highest market cap of $1.7 lakh crore, followed by Apple, Microsoft, Amazon, and Alphabet.

Reliance shares on Thursday closed at Rs 2,060.65 on the BSE, up 2.82 per cent over the previous day's close. This gave the firm a m-cap of over Rs 13 lakh crore. In the last three months, RIL stock has gained nearly 48 per cent.

After steep losses in the first two months of the market rout, the next two months saw a surge in his fortune on the back of deals worth crores struck by RIL in selling stakes in its telecom arm Jio. Shares of the conglomerate have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook, Google, among others.

Meanwhile, Ambani is now fifth richest man globally after surpassing veteran investor Warren Buffett. Ambani's worth now stands at $74.6 billion, exceeding Berkshire Hathaway's chief executive Buffett's $72.7 billion as of Wednesday, according to the Forbes' billionaires' list.

While Amazon's Jeff Bezos tops the list with $185.8 billion, Microsoft founder Bill Gates with $113.1 billion of wealth follows next. Bernard Arnault and family, the chairperson and chief executive of LVMH, stand as the third richest in the list with $111.8 billion. Facebook chairman Mark Zuckerberg is the fourth richest with a net worth of $89 billion.

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