RIL becomes first Indian Company to hit Rs 20 Lakh Crore Market Cap

By siliconindia  |  Wednesday, 14 February 2024, 11:21:29 AM IST

RIL becomes first Indian Company to hit Rs 20 Lakh Crore Market Cap
Reliance Industries Ltd (RIL) made history as the first Indian company to reach a market capitalization of Rs 20 lakh crore. Additionally, amidst positive sentiment in the broader market, the shares of this conglomerate, led by Mukesh Ambani, hit their highest levels in 52 weeks during intra-day trading. Reliance Industries' stock surged by 1.88 percent to reach a record peak of Rs 2,957.80 per share before settling at Rs 2,928.95, marking a 0.90 percent increase on the BSE.
During the intra-day session, the market valuation of the company soared to Rs 20,01,279.72 crore, while at the close, the market capitalization settled at Rs 19,81,635.72 crore. On the NSE, shares of Reliance Industries climbed by almost 1.89 percent, reaching a record high of Rs 2,958 each, matching its 52-week peak. Subsequently, the esteemed blue-chip stock concluded the session with a gain of 0.74 percent, closing at Rs 2,926.20 per share.
Over the last fortnight, the market value of the conglomerate, spanning from oil to telecom, has surged by nearly Rs 1 lakh crore. Reliance Industries has maintained its dominant position atop the list of the top-10 most valued firms, with TCS, HDFC Bank, ICICI Bank, Infosys, Life Insurance Corporation of India, State Bank of India, Bharti Airtel, Hindustan Unilever, and ITC trailing behind.
Shares of Reliance Industries experienced significant demand last month, rising by over 7 percent and pushing its market valuation beyond the Rs 19.56 lakh crore milestone. Back in March 2022, the company's market valuation had surpassed the Rs 18 lakh crore mark. On that day, the BSE Sensex surged by 482.70 points, closing at 71,555.19 points, while the broader NSE Nifty gained 127.20 points, ending the day at 21,743.25 points. Reliance Industries reported a 9 percent increase in net profit, reaching Rs 17,265 crore for the three months ending December 2023.

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