Reliance Industries becomes the first Indian Company to hit Rs 19 lakh cr Market Capitalization
On Wednesday, the Leading Industrialist Group in India, Reliance Industries Limited became the first Indian company to achieve the Rs 19 lakh crore market valuation mark after a strong rally in its share price. The Mukesh Ambani-led group’s stock jumped 1.85 percent to its record high of Rs 2,827.10 on the Bombay Stock Exchange. After the increase in the share price, the market valuation of Reliance Industries Limited surged to Rs 19,12,814 crore in morning trade on the BSE. Earlier in the month of March, the company's market valuation crossed Rs 18 lakh crore. Prior to that Last year on October 13, the company's market valuation went past Rs 17 lakh crore mark.
Meanwhile, Mukesh Ambani's Reliance Industries Ltd has inked a formal shareholder agreement for the $2 billion TA'ZIZ chemical joint venture in the UAE and also signed a pact to partner with ADNOC in discovering and producing conventional and unconventional resources. Swastika Investmart Ltd’s Head of Research, Santosh Meena informed that Reliance industries doing extremely well because of its petchem business is on the back of an increase in Oil and Gas prices where Singapore's gross refining margin (GRM) is at an all-time high. Meena said, ''Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business, which is opening more opportunities for the company.”