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RIL share hits all-time high; market cap nears Rs 14 lakh crore mark

BusinessToday.In     July 27, 2020

Shares of oil-to-telecom conglomerate- Reliance Industries Limited (RIL) hit a fresh all-time high of Rs 2,198.7 in an otherwise weak session today. The Mukesh Ambani-led company is in advanced stage of talks with Kishore Biyani-led Future Group to buy a controlling stake in its retail business, after which RIL will become number one player in brick-and-mortar space in India across categories such as fashion, groceries, and merchandise.

Reliance Industries stock price today opened with a gain of 2.02% at Rs 2,189.50 and later touched an intraday high of Rs 2198.7, rising 2.45% on BSE.

Reliance Industries is trading higher than its 5, 20, 50, 100 and 200-day moving averages. The stock price of Reliance Industries has risen 12.3% in one week, 23% in one month and 42% since the beginning of the year.

Market capitalisation of the company headed toward Rs 14 lakh crore mark. It ended at Rs 13,66,680.52 crore as of today's session. RIL's M cap jumped by Rs 1,48,880.91 crore to Rs 13,60,562.99 crore last week.

RIL has also become the world's second-largest oil company after Saudi Aramco taking its market value to $189 billion. It surpassed ExxonMobil that lost about $1 billion. RIL added $115.9 billion to shareholder wealth within just four months.

In another update, Goldman Sachs in its recent report projected that RIL would capture half of the online grocery sales through Facebook and added, "The biggest near term theme in India internet, in our view, is the foray of Reliance Industries (India's largest market-cap company with presence across sectors such as energy, telecom, and retail) into e-commerce, and the company's tie-up with WhatsApp for online grocery," it said.

Reliance Industries shares closed 0.45% higher at Rs 2,155 on BSE today.

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