Comments
Reliance Industries today reclaimed the $100-billion m-cap mark, as the company shares hit a 52-week high of Rs 1,099 on both the bourses.
The energy-to-telecoms conglomerate led by Mukesh Ambani, had earlier breached the $100-billion mark way back in 2007 when the rupee was at 39.5 against the US dollar. In rupee terms, the company’s market capitalisation then stood at Rs 4.11 lakh crore.
The country's biggest software services exporter, Tata Consultancy Services Ltd, was the first Indian tech company to hit the $100-billion mark in April.
RIL shares hit a 52-week high of Rs 1,099 owing to aggressive business expansion plan announced at the AGM last week ahead of June quarter earnings.
The stock jumped for the fifth straight session today. After opening at Rs 1,043.15, the stock touched its 52-week high of Rs 1,099, up 6.02 per cent over its previous closing price.
Following the uptick in the counter, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (around $100 billion).
Similar movement was seen on the NSE, where the stock opened at Rs 1,044.35, then surged 5.8 per cent to touch a 52-week high of Rs 1,099. RIL shares ended higher by 4.42 per cent at Rs 1,082.20 on the BSE. On the NSE, the stock closed up by 4.05 per cent at Rs 1,080.90.
Ultra high speed broadband services
After shaking the mobile telephony market with free voice calls and dirt cheap data, RIL Chairman, Mukesh Ambani, had last week announced plans to launch ultra high speed fixed line broadband services for homes and enterprises.
Speaking at the company’s 41st annual general meeting, Ambani said the service would provide ultra high definition entertainment on TV, voice activated assistance, virtual reality gaming and digital shopping as well as smart home solutions.
RIL stock posted biggest intraday percentage gain since March 31, 2017. Out of the 38 analysts covering Reliance, 28 have a “buy” or higher rating, 5 at “hold” and the remaining 5 at “sell” or lower rating
Reliance had gone up 12.8 per cent this year up to Wednesday's close versus a gain of 46.6 per cent for TCS. It had gained over 42 per cent in the last one year and 16 per cent year-to-date.
RIL m-cap touches Rs 6 lakh cr
M-cap: RIL almost equals TCS
(With inputs from Agencies)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.