Mukesh Ambani’s Reliance Achieves Yet Another Feat after beating TCS

Reliance Industries Ltd, the Mukesh Ambani-led oil-to-textile-to-telecom conglomerate, became India’s first Rs 7.5 lakh crore company in the stock market history on Tuesday, 31 July 2018. Reliance Industries Ltd (RIL) clinched yet another today feat after beating Tata Group’s cash cow TCS in the market capitalisation or the stock market value. Reliance Industries Ltd share price surged more than 3% in the stock market trading on Tuesday.

Following the massive uptick in the share price of Reliance Industries, the company topped a market capitalisation of Rs 7.5 lakh crore for the very first time. Reliance Industries shares advanced 3.51% to an all-time high of Rs 1,190 (share price adjusted with corporate actions) on BSE while the stock jumped 3.39% to a lifetime peak of Rs 1,190.4 on NSE. With such a sharp appreciation in the share prices, Reliance Industries logged an all-time high market capitalisation at Rs 7.54 lakh crore (highest by an Indian company) on Bombay Stock Exchange.

Reliance Industries shares closed up 3.01% at Rs 1,184.25 on BSE and 2.84% higher at Rs 1,184.15 on NSE on Tuesday. On the basis of closing price, Reliance Industries held a market capitalisation of Rs 7.5 lakh crore. At the end of stock market trading on Tuesday, a little more than 1.39 crore equity shares exchanged counters on both NSE and BSE with nearly 1.38 crore equity shares being traded on NSE alone.

Mukesh Ambani-controlled Reliance Industries shares have emerged as one of the best performers in the current year 2018. In the first seven months of 2018, completed today, Reliance Industries shares have returned 28.57% to Rs 1,184.15 from a share price level of Rs 921.05, on contrary, BSE Sensex has returned 10.42% to 37,606.58 from a level of 34,056.83 as on 29 December 2017.

Reliance Industries shares have been broadly rising since the beginning of 2018 after Reliance Jio Infocomm, the disruptive telecom venture started by Mukesh Ambani in 2016, turned profitable in the October-December quarter of the financial year 2017-2018.

Earlier this year in January, Reliance Jio Infocomm posted its first-ever profit of Rs 504 crore beating India’s telecom giant Bharti Airtel which reported a profit of Rs 306 crore in the corresponding period. While, on the other hand, Reliance Industries has been reporting record-high quarterly net profits since Q3 FY18 till now. Recently last week on Friday, Reliance Industries posted an all-time high quarterly net profit of Rs 9,459 crore for the April-June period of FY19 whereas Reliance Jio Infocomm’s profit after tax came at Rs 612 crore for the reporting period. – Financial Express

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