Reliance Industries Ltd. has become the first Indian company to hit a market capitalisation of Rs 19 lakh crore following a rally in its share price.
On Wednesday, the stock of India’s most valued company jumped 1.85% to a record high of Rs 2,827.10 on the BSE. Following the gain, Reliance Industries’ market cap stood at Rs 19,12,814 crore.
The Mukesh Ambani-led firm had achieved a market cap of Rs 18 lakh crore in March 2022 and Rs 17 lakh crore on Oct. 13, 2021. The stock has rallied more than 19% so far this year.
According to Santosh Meena, head of research at Swastika Investmart Ltd., Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in oil and gas prices where the benchmark Singapore Gross Refining Margin is at an all-time high.
“Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business,” Meena said. “It is continuously expanding its path in the renewable energy business, which is opening more opportunities for the company. PTI