During Tuesday’s trading session, Reliance Industries Ltd (RIL) achieved the milestone of becoming the first Indian company to surpass Rs 20 lakh crore in market capitalization.
Shares of Reliance Industries Ltd (RIL), led by Mukesh D. Ambani, rose nearly 2% in Tuesday’s trading session. Consequently, the conglomerate became the first listed company to surpass the Rs 20 lakh crore market capitalization milestone. The Mukesh Ambani-led firm reached the Rs 20 lakh crore mark, holding a value of Rs 19,93,881.61 crore as the session unfolded.
RIL shares surged by 1.88% to reach a peak of Rs 2,957.80 on the BSE. Recently, Reliance Industries demerged its financial services arm, now known as Jio Financial Services Ltd, which is listed on stock exchanges with a market capitalization of Rs 1,70,331.55 crore.
“RIL’s significant support fueled the market surge, boosted by positive global trading sentiments,” remarked Om Mehra, Technical Analyst at SAMCO Securities.
The quarterly rejig of the MSCI Global Standard Index on Tuesday is expected to bring in inflows of nearly $1 billion from passive foreign institutional investor (FII) funds. “Following the MSCI review, stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank gained attention,” noted Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial.
Prashanth Tapse, Senior Vice-President of Research at Mehta Equities Ltd, observed that while the market ended positively, the recovery in banking stocks, which had suffered losses in recent sessions due to mixed financial earnings and delayed rate cuts by central banks, was the main driver.
Reliance Industries has been a significant wealth creator in the history of the Indian stock market. Its market capitalization reached Rs 1 lakh crore in August 2005, doubled to Rs 2 lakh crore by April 2007, and further surged to Rs 4 lakh crore by October 2007.
However, the journey from Rs 4 lakh crore to Rs 5 lakh crore took 12 years, with RIL’s market cap hitting Rs 5 lakh crore in July 2017. In less than seven years since then, RIL’s market capitalization has increased by Rs 15 lakh crore. The company’s promoter and chairman, Mukesh Ambani, has been the biggest beneficiary of this rally, with the promoter group controlling a majority 50.30% stake in Reliance Industries Limited.
RIL far surpasses India’s second most valuable firm, Tata Consultancy Services (TCS), whose market capitalization is close to Rs 15 lakh crore. HDFC Bank follows with a market capitalization of around Rs 10.5 lakh crore, securing the third spot, trailed by ICICI Bank and Infosys.
However, the journey from Rs 4 lakh crore to Rs 5 lakh crore took 12 years, with RIL’s market cap hitting Rs 5 lakh crore in July 2017. In less than seven years since then, RIL’s market capitalization has increased by Rs 15 lakh crore. The company’s promoter and chairman, Mukesh Ambani, has been the biggest beneficiary of this rally, with the promoter group controlling a majority 50.30% stake in Reliance Industries Limited.
RIL far surpasses India’s second most valuable firm, Tata Consultancy Services (TCS), whose market capitalization is close to Rs 15 lakh crore. HDFC Bank follows with a market capitalization of around Rs 10.5 lakh crore, securing the third spot, trailed by ICICI Bank and Infosys.
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