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Billionaire Mukesh Ambani-led Reliance Industries (RIL) on Thursday became the first company in India to have crossed ₹8-trillion market capitalisation after the company’s shares witnessed a record rally in 2018.
Many stocks also hit their liftetime highs on Thursday (see table).
RIL’s m-cap stood at ₹8.04-lakh crore on the BSE and the NSE as per Thursday’s closing price of ₹1,269. The stock has rallied by over 38 per cent in 2018.
Tata Consultancy Services (TCS) is the other behemoth on the Indian markets that has been giving RIL a tough fight for the top spot in the m-cap rankings. As on Thursday, TCS’ m-cap stood at ₹7.79-lakh crore.
The two per cent gain in RIL’s scrip on Thursday came after telecom regulator TRAI said that Reliance Jio continued to add subscribers at a stellar pace. Further, the market expects Reliance JioGiga Fibre, RIL’s recently-launched broadband service, to do well.
According to Trai data, RJio added 9.71 million users in June, taking its subscriber base above 215 million. It also recorded a market share rise to 18.78 per cent from 18.7 per cent a month ago.
According to HDFC, the gross investments by Jio and Bharti Airtel were similar; but the data carried on the Jio network was 3.5 times that on Airtel. But HDFC said it was negative on value to RJio lapping up the beleaguered Reliance Communications’s assets, as the company had already been utilising them at nominal value.
Jio is acquiring RCom, which is promoted by Anil Ambani, Mukesh’s younger brother.
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