Billionaire Mukesh Ambani-led Reliance Industries has achieved yet another feat by topping the Rs 7 lakh crore mcap. The market valuation of Reliance Industries on Friday surged past Rs 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone. RIL’s market capitalisation (m-cap) has risen to Rs 7,01,404 crore (over USD 102 billion) during the early trade on BSE. The m-cap has been calculated at the stock’s 52-week high price of Rs 1,107.25. Reliance Industries on Thursday crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years.
Notably, the centibillionaire firm had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.
Interestingly, last year has been stupendous for the company as in 2017 alone RIL has added more than Rs 2 lakh crore to its market capitalisation. On February 27th last year, RIL crossed the 4 lakh crore market capitalisation.
Noting the rise of the company Mukesh Ambani said that the company started with just Rs 1,000 and a single employee. “My father founded Reliance in 1966 with one just employee and with a meagre capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime,” Mukesh Ambani said at Financial Times ArcelorMittal Boldness in Business Awards in March this year.
While the share prices have peaked, and trade at fresh all-time high levels on Friday, Ambani recently observed its journey. “It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Mukesh Ambani said at the event.
At International Advertising Association’s (IAA) Leadership Awards held in October-17, Mukesh Ambani shared his insights on the company’s rise, “Reliance completes 40 years of being a public company. I have been fortunate to be part of the journey from year one. I still remember that when I started off, I was a student of chemical engineering. At that time Reliance was less than 5 million dollars in enterprise value. And in 40 years within India, as an Indian company, we are now over 250 billion dollar in enterprise value. That has been a phenomenal journey,” Mukesh Ambani said.
Interestingly, the recent rally in share prices have led Mukesh Ambani to come out on top as Asia’s richest man. Thew net worth of Mukesh Ambani — who holds 44.5 per cent stake in the company has soared to $44.3 billion, according to Bloomberg Billionaires Index. Jack Ma’s wealth stood at $44 billion at the close of trade on Thursday in the US, where the company is listed. – Financial Express