Billionaire Mukesh Ambani-led Reliance Industries (RIL) has become the 51st most-valued firm in the world. The up move in RIL market valuation was driven by strong rally in the company's share following a series of investments in its telecom arm Jio Platforms by global companies and investors that include Facebook, Silver Lake Partners, KKR, General Atlantic, Mubadala, and TPG.
Consecutive investments in Jio platforms have also helped RIL become zero net-debt company.
RIL with a market capitalisation of $169 billion (as on July 13) has overtaken the likes of Unilever, Bank of China, Nike, Abbott Labs, Sanofi and Softbank Group C, according to data from Bloomberg and Morgan Stanley Research. Saudi Aramco, the Saudi Arabian multinational petroleum and natural gas company, tops the chart.
Software services major Tata Consultancy Services (TCS), India's second most valued firm, is the only second Indian firm to feature in the top 100 list of most valued global companies. TCS is now the 96th most-valued firm in the world with market capitalisation of $111 billion.
On Monday, RIL share price rallied over 3 per cent to hit a fresh record high of Rs 1,947 amid surge in volume trade after the company secured Rs 730 crore investment from wireless technology leader Qualcomm for a 0.15 per cent stake in Jio Platforms. The stock has jumped 127 per cent against its 52-week low of Rs 867.82 touched on March 23, 2020.
With this, the oil-to-telecom conglomerate has become the first Indian company to cross the Rs 12 lakh crore market valuation marks. In morning trade, the company's market valuation jumped to Rs 12.25 crore, adding Rs 35,088 crore in today' session, on the BSE. RIL's market cap has risen to Rs 12 lakh crore from Rs 11 lakh crore (hit on June 18, 2020) in less than a month.
By Chitranjan Kumar