The market valuation of Reliance Industries today surged past Rs 7 lakh crore mark, making it the second company after TCS to achieve this milestone.
RIL’s market capitalisation (m-cap) rose to Rs 7,01,404 crore (over $102 billion) on the BSE. The m-cap has been calculated at the stock’s 52-week high price of Rs 1,107.25. RIL shares rose 2.31 per cent to Rs 1,107.25 on the BSE.
Reliance Industries had yesterday crossed the $100-billion market capitalisation mark for the first time in the last 10 years.
Earlier, Reliance Industries had 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.
The company had announced aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained nearly 14 per cent since July 5.
IT bellwether Tata Consultancy Services’ market valuation had in May surged past Rs 7 lakh crore.
TCS is the country’s most valued firm with a market cap of Rs 7,60,355.03 crore followed by RIL, HDFC Bank (Rs 5,69,268.91 crore), HUL (Rs 3,75,455.73 crore) and ITC (Rs 3,33,506.50 crore) in the top five order.