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RIL first Indian firm to hit Rs 13 lakh cr market cap; share at all-time high

Share price of Mukesh Ambani-led RIL rose 3.73% to an all-time high Rs 2078.9 after a report said Amazon.com Inc was in talks to buy a 9.9% stake in Reliance Retail

twitter-logoBusinessToday.In | July 23, 2020 | Updated 23:22 IST
RIL first Indian firm to hit Rs 13 lakh cr market cap; share at all-time high
The rally in RIL stock took the market cap of the Ambani-led firm to Rs 13.16 lakh crore, a fresh record set by the conglomerate on BSE and NSE

Reliance Industries (RIL) on Thursday became the first Indian firm to scale the Rs 13 lakh crore market capitalisation mark after a report said Amazon.com Inc was in talks to buy a 9.9% stake in Reliance Retail. Share price of Mukesh Ambani-led RIL rose 3.73% to an all-time high Rs 2078.9 against previous close of Rs 2,004 on BSE.  The rally in RIL stock took the market cap of the Ambani-led firm to Rs 13.16 lakh crore, a fresh record set by the conglomerate on BSE and NSE.

The firm  gained market cap of  Rs 1 lakh crore in just 8 trading sessions.  On July 13, RIL became the first Indian firm to cross the market capitalisation of Rs 12 lakh crore after its stock climbed to fresh high of Rs 1,947. The large cap stock has gained 12.61% in last five days.

Reliance Industries share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Share price of India's largest firm by market cap has risen 63.03% in one year and 37.06% since the beginning of this year.

In a month, the share has gained 20.64%. Total 13.77 lakh shares changed hands amounting to turnover of Rs 280 crore. Later, the share closed 2.82% or Rs 56.55 higher at Rs 2,060 on BSE.

RIL chairman Mukesh Ambani is now world's 5th richest; surpasses Warren Buffett

The large cap share has gained 139.55% from its 52-week low of Rs 867.82  hit on March 23 this year. On July 22, the stock of the firm hit the historic mark of Rs 2,000 for the first time.

A string of investments by global firms have pushed the RIL stock higher in recent months. Jio has attracted several big-ticket investments from technology companies and financial funds.

This started with the Facebook announcement, with the social media company saying that it would invest $5.7 billion in Jio to acquire 9.9 per cent stake. Gradually more money came Jio's way, including investment from Intel and Qualcomm.

Reliance Industries June quarter earnings deferred to July 30

"With Google investment), the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore," said Jio.

JioMart now available on Google Play, Apple App Store: All you need to know

By Aseem Thapliyal

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